Old Dominion Freight Rallies 3.50% to $167.89 on Strong Technical Momentum

Old Dominion Freight (ODFL) recently rallied 3.50%, marking its third consecutive daily gain and a cumulative 5.14% advance over this period, closing at $167.89 on June 10, 2025. This price action follows a recovery from a multi-week consolidation phase.
Candlestick Theory
The recent three-day rally culminated in a robust bullish candle on June 10, characterized by a high close near the session’s peak ($168.14 high, $167.89 close), indicating strong buying conviction. This pattern follows a hammer-like formation on June 2 (low: $157.26, close: $160), which hinted at trend reversal potential after a pullback. Key support now aligns with the June 2 low ($157.26), while immediate resistance is observed near the May 12 high of $176.85 and the psychological $170 level.
Moving Average Theory
Using 50-day, 100-day, and 200-day moving averages, ODFL’s price remains above all three, signaling an intact long-term uptrend. The 50-day MA (approximated at $165) provided dynamic support during the early-June consolidation. A bullish short-term bias is reinforced by the price’s ascent above the 50-day MA, while the 200-day MA (estimated at $175) looms as overhead resistance. The 100-day MA (around $160) now serves as a critical support confluence with the June 2 low.
MACD & KDJ Indicators
The MACD histogram shows strengthening positive momentum, with the MACD line crossing above its signal line in early June—a bullish signal. Concurrently, the KDJ indicator’s %K and %D lines have surged from oversold territory (below 30) in late May to current readings near 70, reflecting accelerating upward momentum. While not yet overbought, the KDJ’s ascent suggests room for continuation, though divergences should be monitored if momentum plateaus.
Bollinger Bands
Price has broken above the 20-day Bollinger Band midline, now testing the upper band (~$169), indicating bullish pressure. The bands narrowed significantly during May’s consolidation, and the recent expansion aligns with the breakout, validating increased directional momentum. Sustained closes above the midline reinforce bullish control, with the upper band acting as near-term resistance.
Volume-Price Relationship
The rally’s sustainability is corroborated by rising volume, peaking at 1.80 million shares on June 10—well above the 30-day average. This volume surge on advancing days contrasts with lighter activity during pullbacks, confirming buyer conviction. The volume-weighted average price (VWAP) for the rally phase slopes upward, supporting the breakout’s legitimacy.
Relative Strength Index (RSI)
The 14-day RSI (estimated at 68) has climbed from oversold levels below 30 in late May but remains shy of the overbought threshold (70). This positioning suggests moderate bullish momentum without immediate exhaustion signals. A push above 70 could indicate overextension, warranting caution, but current levels favor upside continuation.
Fibonacci Retracement
Applying Fib levels to the April 25 low ($144.90) and May 12 high ($176.85), the 61.8% retracement at $157.10 anchored the early-June reversal (actual low: $157.26). The price has now cleared the 38.2% level ($164.60) and eyes the 23.6% retracement ($169.30). A decisive breach of $169.30 could catalyze a move toward the May high ($176.85), supported by confluence with Bollinger Band resistance.
Confluence and Divergence Notes
Confluence is evident between the $157–$160 support zone (Fib 61.8%, 100-day MA, and volume profile) and bullish signals from MACD, KDJ, and volume expansion. No significant divergences appear among oscillators currently. However, the RSI’s proximity to overbought territory, paired with Bollinger Band resistance near $169, may trigger short-term consolidation if buying pressure wanes. Overall, momentum and price structure favor further upside, targeting $170–$176, contingent on holding above $164.60 support.