A technical analysis of CSX CORP.

Our stock screener has detected a potential breakout setup on CSX CORP (NASDAQ:CSX). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NASDAQ:CSX.

What is the technical picture of NASDAQ:CSX telling us.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 7 out of 10 to CSX. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, CSX is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• CSX is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• CSX is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• When compared to the yearly performance of all other stocks, CSX outperforms 67% of them, which is more or less in line with the market.
• CSX is part of the Ground Transportation industry. There are 37 other stocks in this industry, CSX did better than 52% of them.
• In the last month CSX has a been trading in a tight range between 34.18 and 35.09.

Our latest full technical report of CSX contains the most current technical analsysis.

How do we evaluate the setup for NASDAQ:CSX?

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NASDAQ:CSX is 9:

CSX has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 34.62. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 34.54, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NASDAQ:CSX

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.