September 6, 2010
Union Pacific Corporation (UNP) Stocks Breakout!
Hey guys, let’s take look again at one of my stock picks - Union Pacific Corporation or UNP as listed in the New York Stock Exchange. By the way, for those who are unaware, their operating company, Union Pacific Railroad, is the largest railroad network in the United States. Anyway, as I mentioned on my previous post about it two weeks ago (kindly check here), there is a triangle formation setting up on its stock chart and is most likely bullish as its coming from an uptrend based on my technical analysis. Fortunately last Friday, the stocks breached the resistance of the ascending triangle formation and went higher (indicated by the yellow circle). In case it continues to go up, which is more likely to happen as a follow through to its breakout, it could encounter some selling pressure at the $80.00 resistance which also is a psychological level at the same time. If the UNP stocks move past above the 80.00 marker, the next resistance could be $85.80. On the flip side, the immediate support could the be triangle’s resistance. Then after that support, the next one could be the $70.00 price mark.