A quick look at today: after ending yesterday at $145.9, Landstar went up to $150.91 only to drop back, yet still traded well overall and closed at $148.85 today.
Meanwhile, United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of -1.27 million, while the previous figure was 7 million. United States TIC Net Long-Term Transactions (Aug) came out at 197.9 billion, while a consensus of analysts was expecting 28.2 billion. United States Industrial Production beat the 0.1% projections, with 0.4%.
Landstar System, Inc. reversed direction at $150.56 resistance zone and retreated back $1.71 below it. Despite posting gains on today, Landstar slid below its 50 day Simple Moving Average at $148.46 during the last session — an early indicator that a negative trend could be emerging. Bollinger band analysis indicates that current price action is approaching the upper band at $150.8, thereby suggesting that Landstar is becoming overvalued.
Technical analysis suggests there could be an imminent reversal for Landstar.
A look at other industrials stocks also showed bullish price action as Lockheed Martin traded at $431.84 after closing today’s trading day at $397.31 (up 8.69%). Raytheon Technologies traded at $87.36 after closing today’s trading day at $84.47 (up 3.42%). Deere & Company traded at $371.31 after closing today’s trading day at $362.59 (up 2.4%).
Also worthy of note, United States Crude Oil Inventories projected to decline to 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Building Permits (Sep) is scheduled for tomorrow at 12:30 UTC.
Trading mostly sideways for a month. Landstar is now trading 21.55% below the significant high of $186 it set around 11 months ago.