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May 17 Chart of the Day - Union Pacific

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

Union Pacific Railroad (UNP) is the second largest railroad in the U.S. that operates 8,300 locomotives over 32,200 miles with routes in 23 U.S. states west of Chicago and New Orleans.

The company was in some headlines this week that touted "unusual options activity" in their stock but honestly after reviewing the report we deemed it to be somewhat of a "click bait" headline. 

We decided to review their chart from a price action technical analysis perspective nonetheless.

Monthly Chart 

Union Pacific monthly price action technical analysis review


On the monthly chart we can see that after setting its $278.94 all time high (ATH) back in spring 2022 price fell dramatically over time and seemingly found a bottom and bounced around the $190 area.

Since then, price has been making a series of higher highs and higher lows but recently met some overhead resistance and seemingly is deciding whether to continue fading down or break back to the upside.

Weekly Chart

Union Pacific weekly price action technical analysis review

 
On the weekly chart we can see with much more clarity the dramatic fall from ATHs and the bounce back up during the past year.

Trading at $244.70 earlier today price is essentially where it was about six months ago with a quick run above and below since then.

We've layered in traditional Fibonacci levels in both directions as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these 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.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. 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.  

We'd like to hear from you in the comments sections.

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