February 27 Chart of the Day - Norfolk Southern
Precision oriented price action technical analysis by far provides the best edges and most setups for traders across the markets so that's what we use for the basis of our reviews.
Norfolk Southern (NSC) railroad is making headlines this week because of a good ole fashioned board fight led by Ancora Holdings! At stake is control of the company.
Learning of this we wanted to review the company's chart from a price action technical analysis perspective.
On the monthly chart we can see price is well off its $299.20 all time high (ATH) set back in late 2021 / early 2022. Since then price faded down in the $180s before making a definitive higher low and climbing back up to its current price around $255.
Down on the weekly chart we can see a rapid ascent through resistance levels and a broader sweeping trend line where price seemingly has another decision to make as it faces more potential resistance in the $261 area.
If price were to fade from here but keep its uptrend of making higher highs and higher lows we've layered in additional support/resistance levels as well as Fibonacci to identify potential pull back levels of interest.
Armed with this precision oriented information both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think.
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