ODFL Stock Price Close to $400, What Next Pullback or Breakdown?
The post ODFL Stock Price Close to $400, What Next Pullback or Breakdown? appeared on BitcoinEthereumNews.com. Old Dominion Freight Line (NASDAQ: ODFL) share price has slipped below the 50 day EMA, highlighting a selloff ahead of the Q2 earnings results. However, the selling pressure is due to the earnings expectations which seems to be disappointing. Investors are squaring off their long positions because of the fear. Despite the uptrend, ODFL stock shows that fresh short buildup could push ODFL stock to the $400 mark, a breakdown is soon to be witnessed on the charts. Moreover, a bearish engulfing candlestick was formed in yesterday’s trading sessions which trapped the long positions of investors and follow-on selling will continue in the next sessions. ODFL stock price made a head and shoulders pattern and the price is close to the neckline of $400, which if broken, a sharp decline toward $375 followed by $360 is anticipated. Conversely, if stock sustains a pullback toward the 20 day EMA is likely to be seen. Per the options chain, at the strike price of $400, a massive open interest of 284 hundred shares on the put side, whereas 98 hundred shares on the call side shows that buyers tried their best to hold the region. At press time, ODFL stock price was $401.86 with an intraday drop of 3.66% highlighting bearishness in the last session. Moreover, trading volume increased by 0.45% to 700.89K; and the market cap is $45.58 Billion. Furthermore, analysts maintained a neutral rating with a yearly target price of $429.26 suggesting that coming sessions are likely to be volatile. Old Dominion Freight Line, Inc. engages in the provision of regional, inter-regional, and national less-than-truckload services through a single integrated, union-free organization. Its services include container drayage, truckload brokerage, and supply chain consulting. The company was founded by Earl Congdon Sr. and Lillian Congdon in 1934 and is headquartered in…
The post ODFL Stock Price Close to $400, What Next Pullback or Breakdown? appeared on BitcoinEthereumNews.com.
Old Dominion Freight Line (NASDAQ: ODFL) share price has slipped below the 50 day EMA, highlighting a selloff ahead of the Q2 earnings results. However, the selling pressure is due to the earnings expectations which seems to be disappointing. Investors are squaring off their long positions because of the fear. Despite the uptrend, ODFL stock shows that fresh short buildup could push ODFL stock to the $400 mark, a breakdown is soon to be witnessed on the charts. Moreover, a bearish engulfing candlestick was formed in yesterday’s trading sessions which trapped the long positions of investors and follow-on selling will continue in the next sessions. ODFL stock price made a head and shoulders pattern and the price is close to the neckline of $400, which if broken, a sharp decline toward $375 followed by $360 is anticipated. Conversely, if stock sustains a pullback toward the 20 day EMA is likely to be seen. Per the options chain, at the strike price of $400, a massive open interest of 284 hundred shares on the put side, whereas 98 hundred shares on the call side shows that buyers tried their best to hold the region. At press time, ODFL stock price was $401.86 with an intraday drop of 3.66% highlighting bearishness in the last session. Moreover, trading volume increased by 0.45% to 700.89K; and the market cap is $45.58 Billion. Furthermore, analysts maintained a neutral rating with a yearly target price of $429.26 suggesting that coming sessions are likely to be volatile. Old Dominion Freight Line, Inc. engages in the provision of regional, inter-regional, and national less-than-truckload services through a single integrated, union-free organization. Its services include container drayage, truckload brokerage, and supply chain consulting. The company was founded by Earl Congdon Sr. and Lillian Congdon in 1934 and is headquartered in…
What's Your Reaction?
