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Fan Yang

Stalking a Possible Price Top in Old Dominion (ODFL)

Old Dominion $ODFL has been persistently bullish at least since 2016, where price rebounded from around $50.00 and reached $152 by 2018. In 2018 however, price action has been sideways, which carries a possibility of being a price top.

ODFL Daily Chart

(click to enlarge)

Price Top?
- The daily  shows a market that has been ranging in 2018 after a couple years of persistent bull runs. 
- One sign of a top would be a rejection in the middle of the range, around $142.50. 
- The market gave this exact reaction during the 5/8 session when price climbed briefly above this pivot. We saw the market sell it back below $142.
- If ODFL holds under $142.50 this week, I think bears would be in charge.
- Then, if price action follows with a dip to $130, we should not rely on the support here anymore, and expect a possible break to $125.
-Subsequent resistance by the price range, such as resistance at $135 would give more confidence for a strong bearish correction. But for now, we will stalk the possible bearish swing towards $125 after a rejection at $142.50. 

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