A fully welded fence panel comprises a plurality of vertical pickets and a pair of horizontal metal rails. The top and bottom portions of the pickets are pressed in a mechanical or hydraulic press to create flattened surfaces and welded to the rails. The flattened surfaces may either be oriented parallel or perpendicular to the lengthwise direction of the metal rails to facilitate welding or to enable the fence panel to be racked when used as a railing. Indentations are pressed into opposite sides of the flattened surfaces at the same location and are perpendicular to the lengthwise direction of the picket to further enable the fence panel to be racked. The railing is therefore adjustable at a customer's site to change the angle between the pickets and rails and avoid the need for perfect angle measurements prior to manufacture.