Union Pacific (UNP) was reviewed last month, and I summed up the charts this way "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." UNP has generally moved higher from mid-May and the indicators are a little more mixed now than outright bullish. Let's check the charts again to see that we keep on track.
In this daily bar chart of UNP, below, we can see a mixed picture for the indicators which are slightly weaker than they were last month. Prices are still above the rising 50-day moving average line and the bullish 200-day line. The daily On-Balance-Volume (OBV) line has weakened the past three weeks signaling that sellers have become more aggressive with heavier volume being transacted on days when UNP has closed lower. The trend-following Moving Average Convergence Divergence (MACD) oscillator turned lower in late May for a take profits sell signal.
In this weekly bar chart of UNP, below, we can also see some weakening of the technical studies. Prices are still above the 40-week moving average line. The weekly OBV line now shows a small peak in late May and the weekly MACD oscillator is poised to cross to the downside again.

In this Point and Figure chart, below, we can see an upside target of $175.41. A rally to $149.43 will strengthen the chart but a decline to $139.38 would tilt things lower.
Bottom line: Is UNP bearish? No! Has it slowed down a little? Yes, but that is not a reason to sell but rather a condition to watch more carefully. Continue to hold longs with stop protection at $135. A rally above $149.50 should put things back on track.