Railroad Union Pacific (UNP) has returned to the Green Favored Zone of the SIA S&P 100 Index Report having moved up six spots so far this week.
A major breakout is underway in Union Pacific with the shares blasting through $190.00 to a new all-time high, completing a bullish Ascending Triangle pattern and signaling the start of a new upleg. Next potential upside resistance appears near the $200 round number, then $215 and $240 based on measured moves. Initial support moves up to the $190 breakout point from previous support at $180.
This week’s breakout to a new all-time high for Union Pacific (UNP) has also completed a bullish Spread Triple Top pattern confirming the start of a new advance. Initial resistance may appear near the $200.00 round number , then the $228.50 to $233.10 range where multiple vertical and horizontal counts cluster. Initial support appears near $176.65 based on a 3-box reversal.
With a bullish SMAX score of 9, UNP is exhibiting near-term strength against the asset classes.
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