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This transport stock's set to travel far
With transportation stocks pushing higher, Serge Berger, also known as the Steady Trader, is looking to capitalize on the markets movement. Last week the iShares Dow Jones Transportation Average (IYT:arcx) demonstrated renewed strength for transportation companies in the New Year, as the index reached record highs.
One particular company, Ryder System Inc., has been slow to capitalize on the overall strength of the index, presenting an opportunity to get ahead of the trade. Ryder System Inc. is a global transportation and supply chain management company based in the United States. Berger notes that this company’s stock has demonstrated strong growth in the past, stating that if buying continues in the market this week, Ryder System Inc. is on target to take advantage of the chart’s bullish formation.
Berger is looking to enter the trade at USD 73.20 with a stop set at USD 71.60. He has set a target of USD 76.50, which is Ryder System, Inc.’s all-time high that was set in May of 2008.
Read more about Berger’s outlook for transportation stocks here: http://goo.gl/q071qG
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00:55 minutes
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