Jim Cramer told his Mad Money viewers Monday evening that it's a great time for Norfolk Southern (NSC) , the railroad company. Let's check out the charts.
In this daily bar chart of NSC, below, we can see that prices have climbed steadily higher the past 12 months. The slopes of both the 50-day moving average line and the 200-day moving average line are bullish. The On-Balance-Volume (OBV) line is positive but has been flat the past few months. The Moving Average Convergence Divergence (MACD) oscillator is in the lower panel and is in a bullish alignment above the zero line.
In this weekly bar chart of NSC, below, we can see a bullish long-term picture. Prices have been in an uptrend above the rising 40-week moving average line. The OBV line is bullish and so is the MACD oscillator.
In this daily Point and Figure chart of NSC, below, we can see an upside price target in the $310 area.
In this next Point and Figure chart of NSC, below, we used daily close only price data with a traditional even dollar scaling and a five box reversal filter. Here the chart suggests the $409 area as a price target.
Bottom line strategy: The charts of NSC are bullish and traders could go long NSC at current levels risking to $260. The $409 area is our price target.
(NSC is a Trifecta Stocks holding.)
