August 25, 2010
United Pacific Corporation (UNP) On The Bullish Track?
Today's stock pick is Union Pacific Corporation or UNP as listed in the New York Stock Exchange. This company is engaged in the transportation business their operating company, Union Pacific Railroad, is the largest railroad network in the United States. Based on my technical analysis, there is a triangle formation setting up on the UNP stock chart. This is most likely bullish since the overall stock trend is upwards. If the price breaks out from the triangle’s resistance, it could climb higher and look for some resistance at the $80.00 psychological area. If that psychological level gets cleared out, the next resistance could be $85.80. In case the stocks breakdown from the triangle formation which is less likely to happen, the significant support could be $66.00. If it further breaches below that level, the next support could be the $60.00 psychological marker.