CNW has nice chart formations and characteristics in multiple time frames, i.e. daily, weekly and monthly. I entered yesterday and its more of a intermediate trade in terms of time frame. I'm looking for $38 to take some off the table and let the rest ride, until 4355 is hit by the $TRAN index.
Also posting a monthly chart of $TRAN index. I believe there is a magnet trade here and the magnet target is 4355, which is the teal line (50 week). Notice the last bear market action from 00-03, it constantly made attempts to get above it. I believe a first test of this moving average will happen sooner rather than later. Which is a another ancillary factor in my entering CNW. There should be some strength in transportation stocks until that target is hit.
CNW DAILY
CNW WEEKLY
CNW MONTHLY
$TRAN INDEX MONTHLY
