Railroad Stocks Take the Southbound Train
Nicholas Santiago | Jul 03, 2013 01:02PM ET
This morning, most of the leading railroad stocks are declining at the start of the trading session. One of the leading stocks in the sector is Norfolk Southern Corp (NSC). Today, NSC is trading lower by 0.53 cents to $71.70 a share. Day traders should watch for intra-day support around the $71.30 level. That level should provide for a quick bounce area for the fast trader. The daily chart is actually showing support at the current level and more chart support around the $69.75 area. When analyzing charts, the shorter time frames can be used for day trades, and the larger for swing trade entries/exits.
Some of the other leading railroad stocks that are trading lower today include Union Pacific Corporation (UNP), Kansas City Southern (KSU), and Canadian Pacific Railway Limited (USA) (CP). Traders and investors will want to follow the progress of the highly controversial Keystone Pipeline. Should the pipeline get passed by the U.S. government it could hurt the railroad stocks which are transporting oil, coal, and natural gas throughout North America.
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