We looked at the extended up move in Union Pacific (UNP) on Friday and concluded that a pullback was in order. Prices are creeping lower and I would look for more softness with the price of UNP getting closer to nearby support at $90, unless the bulls push UNP strongly above $95.
In this updated daily chart of UNP, above, we find little new to report. Prices are still above the 50-day and 200-day moving average lines. The On-Balance-Volume (OBV) line is a little softer in recent days. Still no divergences that could impact prices.
Not much change in this weekly chart, above. Prices are above the 40-week moving average line. The weekly OBV line is positive, but we continue to see momentum is diverging bearish from the new highs. Prices made a new high for the move up but momentum made a lower high.