More Upside for Union Pacific ?

Published on Friday, 03 August 2012 11:34 Written by TradersHuddle Wire

New York, August 3rd (TradersHuddle.com) - Shares of Union Pacific Corporation (NYSE:UNP) booked a new 52 week high today by trading above $123.78, traders are definitely monitoring Union Pacifics's price action to see if this move attracts further buying into the stock.

Union Pacific Corporation (NYSE:UNP) is a rail transportation company. The company offers long-haul routes from all major West Coast and Gulf Coast ports to eastern gateways as well as connects with Canada's rail systems and serves the major gateways to Mexico.

Union Pacific is currently trading 3.5% versus its previous trading session close, and it has calculated support and resistance at $115.70 and $123.78 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 1.95% from its previous trading close, which means that Union Pacific stock is outperforming the overall market.