Look Quickly, Swift Transportation Is Ready To Drive Higher
Dragonfly Capital | Jul 14, 2016 12:45AM ET
Transportation stocks have been in the dumper for a long time. I noted Wednesday morning how that looks like it might be changing here. One of the worst ares in this space has been trucking. Knight Transportation Inc (NYSE:KNX) has been a leader in turning around out of its stock slump. But the recovery has been a slow grind. It looks like it may get some company.
Swift Transportation Company (NYSE:SWFT) finally found a bottom in January and had a promising bounce. that stalled quickly as it moved into February, and the stock moved sideways for 3 months. It retraced 61.8% of the bounce on a pullback in to May and then found support.
Since May it has been moving sideways ion a channel between 14.35 and 17.35. As it has consolidated the SMA’s have all come together. This often precedes a move in a stock price. The 20, 50 and 200 day SMA are all within a 8 cent range going into Wednesday’s close.
The price action has been strong. Into Wednesday’s close it is printing a bullish Marabou candle and pressing on the top of the range. The RSI is making a higher high and the MACD is crossed up, positive and rising.
Even the Bollinger Bands® are opening to the upside to allow the price to move higher. All it needs now is a close over 17.35. Keep an eye on it. Blink and it might move too swiftly for you to catch it.
DISCLAIMER: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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