Norfolk Southern (NSC) was reviewed just the other day. I gave this bottom line -- "NSC could "play chicken" for a while with respect to testing and breaking the January zenith. Longs could raise sell stops to below $144. $163 is our initial upside price target." We have a couple more inputs on the chart today and they suggest that NSC longs should be rewarded soon with an upside move. Let's see what's new.
In this updated daily bar chart of NSC, below, we can see that dips below $150 have been bought. I can see that the daily On-Balance-Volume (OBV) line has made a new high for the move up signaling that buyers of NSC have been acting more aggressive with heavier volume being traded on days when the stock has closed higher. The Moving Average Convergence Divergence (MACD) oscillator is still pointed up in a bullish mode.
In this weekly bar chart of NSC, below, we can see that prices are in striking distance of a new weekly high close. The 40-week moving average line is still bullish. The weekly OBV line is probably going to move up on Friday when it is posted and the MACD oscillator has crossed to a new buy signal.
In this Point and Figure chart of NSC, below, we can see that $156 will be a clear breakout. $183 is the projected upside price target.
Bottom line: Barring a reversal to the downside it looks like NSC should soon breakout on the upside. Steady as she goes.