Is Forward Air Corp. technically bullish or bearish?

As of 11 September 2025, the technical trend for Forward Air Corp. has changed from mildly bullish to bullish. The weekly MACD is bullish, supporting the positive trend, while the monthly MACD is mildly bullish. The daily moving averages indicate a mildly bullish stance, although the weekly Bollinger Bands show a mildly bullish signal and the monthly Bollinger Bands are bearish. The KST is bullish on a weekly basis and mildly bullish monthly, while the Dow Theory presents a mixed view with a mildly bearish weekly and mildly bullish monthly signal.
Despite the bullish indicators, the stock has underperformed significantly against the S&P 500 across multiple time frames, with a year-to-date return of -16.78% compared to the S&P 500's 12.22%, and a one-year return of -26.32% versus 17.14%. Overall, the current technical stance is bullish, but the strength is tempered by the significant underperformance relative to the benchmark.