CSX CORP is setting up nicely for a breakout.

CSX CORP (CSX)       30.15   -0.9 (-2.9%)

Premarket: 30.07 -0.08 (-0.27%)


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CSX CORP is setting up nicely for a breakout.2 months ago - Chartmill

Our stock screener has spotted CSX CORP (NASDAQ:CSX) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NASDAQ:CSX.

CSX Daily chart on 2022-11-29

Technical analysis of NASDAQ:CSX

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.

Overall CSX gets a technical rating of 8 out of 10. 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.
  • In the last month CSX has a been trading in the 28.13 - 32.52 range, which is quite wide. It is currently trading near the high of this range.
  • When comparing the performance of all stocks over the past year, CSX turns out to be only a medium performer in the overall market: it outperformed 58% of all stocks.
  • CSX is an average performer in the Road & Rail industry, it outperforms 53% of 47 stocks in the same industry.
  • CSX is currently trading in the middle of its 52 week range. This is in line with the S&P500 Index, which is also trading in the middle of its range.

Why is NASDAQ:CSX a setup?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NASDAQ:CSX this score is currently 8:

Besides having an excellent technical rating, CSX also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 31.78. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 30.88, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade 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.

Our Breakout analyzer lists more breakout setups and is updated daily.

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