Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>ODFL stock price slipped below the 50 day EMA support zone.</a> </li> 
 <li> <span>2</span> <a>Buyers are losing gains and are unwinding long positions.</a> </li> 
</ul> 
<p>Old Dominion Freight Line (NASDAQ: ODFL) share price has slipped below the 50 day EMA, highlighting a selloff ahead of the Q2 earnings results. However, the selling pressure is due to the earnings expectations which seems to be disappointing. Investors are squaring off their long positions because of the fear. Despite the uptrend, ODFL stock shows that fresh short buildup could push ODFL stock to the $400 mark, a breakdown is soon to be witnessed on the charts. Moreover, a bearish engulfing candlestick was formed in yesterday’s trading sessions which trapped the long positions of investors and follow-on selling will continue in the next sessions.</p> 
<p>ODFL stock price made a head and shoulders pattern and the price is close to the neckline of $400, which if broken, a sharp decline toward $375 followed by $360 is anticipated. Conversely, if stock sustains a pullback toward the 20 day EMA is likely to be seen. Per the options chain, at the strike price of $400, a massive open interest of 284 hundred shares on the put side, whereas 98 hundred shares on the call side shows that buyers tried their best to hold the region.</p> 
<p>At press time, ODFL stock price was $401.86 with an intraday drop of 3.66% highlighting bearishness in the last session. Moreover, trading volume increased by 0.45% to 700.89K; and the market cap is $45.58 Billion. Furthermore, analysts maintained a neutral rating with a yearly target price of $429.26 suggesting that coming sessions are likely to be volatile.</p> 
<p>Old Dominion Freight Line, Inc. engages in the provision of regional, inter-regional, and national less-than-truckload services through a single integrated, union-free organization. Its services include container drayage, truckload brokerage, and supply chain consulting. The company was founded by Earl Congdon Sr. and Lillian Congdon in 1934 and is headquartered in Thomasville, NC.</p> 
<h2 class="wp-block-heading" id="strong-will-odfl-stock-nasdaq-odfl-sustain-at-400-strong"><strong>Will ODFL Stock (NASDAQ: ODFL) Sustain at $400?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" loading="lazy" width="1600" height="752" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-591.png" alt="ODFL Stock Price Close to $400, What Next Pullback or Breakdown?" class="wp-image-176983" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-591.png 1600w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-591-300x141.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-591-1024x481.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-591-768x361.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-591-1536x722.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-591-750x353.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-591-1140x536.png 1140w" sizes="(max-width: 1600px) 100vw, 1600px">
  <figcaption class="wp-element-caption">
   Source: ODFL Stock Price Chart onTradingView
  </figcaption>
 </figure>
</div> 
<p>On the daily charts, ODFL stock price is trading close to the round mark of $400. Technicals suggest that bulls started unwinding long positions and looked trapped due to the selloff that happened overnight. Furthermore, the ODFL stock price slipped below the 50% Fib level and is indicating fresh reversal from the swing high of $430. Further correction toward $380 can be seen in the next sessions.</p> 
<p>The RSI curve is near neutrality and showcased a negative crossover indicating that bears are starting to rule and trying to break the immediate support of $400.</p> 
<p>The MACD shows a bearish crossover and red bars on the histogram suggesting a negative outlook.</p> 
<h4 class="wp-block-heading"><strong>Summary&nbsp;</strong></h4> 
<p><a href="https://www.thecoinrepublic.com/2023/10/18/fi-stock-price-the-actual-reason-behind-the-slow-growth-in-sales/" target="_blank" rel="noreferrer noopener">ODFL stock price</a> is near the round mark of $400. A selloff was witnessed overnight. Moreover, the chart showcased a head and shoulders pattern and price is close to the neckline of $400, which if broken, a dorp toward $380 will be anticipated.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<p>Support Levels: $395 and $385</p> 
<p>Resistance Levels: $410 and $430</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.</p>

ODFL Stock Price Close to $400, What Next Pullback or Breakdown?

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