Union Pacific (UNP) was last in the roundhouse at the end of April, when I wrote that, "This is an interesting juncture for a technical analyst. We have a weak looking daily bar chart and a bearish Point and Figure chart, yet our weekly bar chart is overall positive. The best course of action for me is to wait for a strong close above $140 looking for gains to the $160-$165 area." UNP has closed above $140 for our buy signal so let's check the charts again to keep us on track.
In this daily bar chart of UNP, below, we can see how prices have closed above the highs of February, March and April. The slope of the 50-day moving average line is positive and the longer-dated 200-day average line is bullish. The daily On-Balance-Volume (OBV) line has been trending higher the past twelve months and tells us that buyers of UNP have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator has turned up with the price action and is giving us an outright go long signal.
In this weekly bar chart of UNP, below, we can see a two-year uptrend with a bullish 40-week moving average line. The weekly OBV line peaked in January but has moved sideways the past two months. The weekly MACD oscillator has narrowed and is close to crossing to the upside for a fresh go long signal.

In this Point and Figure chart of UNP, below, we can see can see a bullish price target of $167. A trade at $144 will be a bullish breakout.
Bottom line: Traders should continue to hold longs. A trade above $144 could be used to increase your exposure. Look for gains to the $165-$167 area. Raise stops to $135.