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- 1 NSC stock escapes above the 200-day EMA, showing strength.
- 2 Bulls are willing to retain the glory towards $250.
Norfolk Southern Stock (NSC) has retained its momentum, and is riding above $200 and shows strength on the charts. Moreover, it escaped its immediate hurdle of $225 and formed a bullish marubozu candle above the 200-day EMA. Furthermore, NSC stock broke its trendline above $220 and attained strength to rise toward $250.
The price action showed that NSC stock has demonstrated a remarkable recovery from the demand zone of $200 over the past few months, leading to the formation of a symmetrical triangle pattern on the charts. Despite the recent reversal from the bottom, NSC stock’s outlook remains negative due to low volumes and persistent selling pressure reflected in the charts, suggesting potential volatility ahead.
Furthermore, if NSC stock succeeds in stabilizing above $230, then bulls will attempt to cross the hurdle of $235. While long buildup activity was noted in the past sessions, there is also an equal distribution of short buildup as well, which does not provide a strong conviction for a rally in the stock.
Norfolk Southern Corporation is a holding company engaged principally in the rail transportation business.
The Company is primarily engaged in the rail transportation of raw materials, intermediate products, and finished goods primarily in the southeastern, eastern, and midwestern regions of the United States. It offers an intermodal network in the eastern half of the United States.
At press time, NSC stock was trading at $228.88 with an intraday gain of 0.88%, showing bullishness and a positive outlook on the charts. Furthermore, the intraday trading volume was 561,892, and the market cap was $52.102 billion.
Will NSC stock reach $250?
On the daily charts, NSC share was trading in a narrow range and formed small candles, which indicated less interest from investors. Despite the stock managing to hold onto its gains from the lows of $200, there are currently no positive indications or signs of an impending rally. However, if the stock slips below $220, there is a possibility of further decline with a potential retest of the $200 level.
As per the Fib levels, the NSC stock is currently approaching the 50% level at $229.00, which is acting as a significant resistance. If this level is successfully surpassed, the next key level to watch for is the 61.8% level at $237. Buyers will likely make attempts to reach and surpass this level.
Short Term Charts Shows Bullishness
On the 4-hour charts, NSC stock showed bullishness and buyers’ strength as the leading indicators stayed in the buying region.
The relative strength index (RSI) curve has consistently remained in the overbought zone and recently formed a positive crossover on the charts. This indicates a notable accumulation of buyers, further reinforcing a potentially bullish sentiment in the market.
The MACD indicator also formed green bars and showed a bullish crossover on the charts, indicating buyers’ dominance.
Conclusion:
Norfolk Southern (NSC) stock has maintained solidity and surpassed its 200-day EMA, showing buyers’ accumulation and their intent to take the price to $250.
Technical Levels:
Support Levels: $220
Resistance Levels: $235 and $250
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
