Transport names including Burlington Northern (BNI 79.82) poised at a key technical juncture
BNI as well as Norfork Southern (NSC 48.69) appear to be poised at a key technical juncture. After attempting to break new highs in Feb '07, the stock action has paused as seen in this weekly chart. In technical terms, the weekly trending motion of the stocks have slowed as evidenced by its low ADX (17.85) numbers. (Note: see ADX indicator on bottom of chart, ADX numbers > 30 generally indicate evidence of a trend). Generally, non-trending action (lower Adx numbers) tends to precede future trending action. A repeatable process from contraction to expansion in stock prices.
Federal Express (FDX 111.14) also shares similar technical attributes as BNI. A wide expansive basing pattern but too early to indicate any future directional bias. Secondly, prevailing downward market action has suggested a continued correction and/or bottoming process in effect.
Federal Express (FDX 111.14) also shares similar technical attributes as BNI. A wide expansive basing pattern but too early to indicate any future directional bias. Secondly, prevailing downward market action has suggested a continued correction and/or bottoming process in effect.
