CSX is a $23.3 billion transportation company that provides rail-based transportation services. As we showed in our marketVISUAL this weekend, railroads are at a critical short-term support level. Therefore, we looked for an individual railroad that was also at or near key support. CSX fit the bill as its trendline, gap and price support all coincide very near the $21.61-$21.85 area. Consider entry at the current price down to gap support at $21.61. A closing stop could be very tight at the $21.40 level. We’d look for the early January high near $23.75 to be our short-term target.
You should consider these educational charts and analysis for possible short-term trades only. We are not registered investment advisors and the following trade setups should not be viewed as investment advice. Accordingly, please check with your financial advisor before deciding to buy or sell any of these investment securities. Read our full Disclaimer below.
Because we do not recommend holding a stock into its earnings report, please check all earnings dates on Charts of the Day stocks before making a decision on whether to consider a trade.