Canadian National Railway (CNI.US) stock jumped more than 3.0% during today's session after the railway company announced plans to cut spending, streamline management and buy back $4 billion of stock next year. Canadian National will lead an industry shift to become more customer-oriented just as it pioneered an efficiency strategy that most peers have since adopted, Chief Executive Officer Jean-Jacques Ruest said on a conference call with analysts. Company also reaffirmed its 2021 targets of a double-digit increase in adjusted earnings per share and free cash flow. It seems that these actions are intended to appease investors who criticized the company for its failed bid to buy Kansas City Southern.
Canadian National Railway (CNI.US) stock price experienced a bigger downward correction recently. However looking at the H4 interval, one can see that buyers managed to halt decline at the upward trendline. Today stock price broke above the 50 SMA (green line) and is testing local resistance at $119.50 which coincides with 38.2% Fibonacci retracement of the last upward wave. Should a break higher occur, then the upward move may be extended to the $122.90 handle or even all-time high at $128.49. On the other hand, if sellers will manage to regain control, then nearest support lies at $116.40. Source: xStation5
This content has been created by X-Trade Brokers Dom Maklerski S.A. This service is provided by X-Trade Brokers Dom Maklerski S.A. (X-Trade Brokers Brokerage House joint-stock company), with its registered office in Warsaw, at Ogrodowa 58, 00-876 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. X-Trade Brokers Dom Maklerski S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.