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Possible Bearish Inside Day Candle Pattern Detected for Csx Corp (NYSE:CSX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Csx Corp (NYSE:CSX) based on the price action in the company's shares. Today's price range of $58.80 and $59.25 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Csx Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

CSX Corporation is an international freight transportation company. The Company provides rail, intermodal, domestic container-shipping, barging, and contract logistics services around the world. CSX's rail transportation services are provided principally throughout the eastern United States.

Csx Corp share prices have moved between a 52-week high of $59.76 and a 52-week low of $24.43 and are now trading 142% above that low price at $59.12 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.6%.

Based on a current price of $59.12, Csx Corp is currently 1.6% above its average consensus analyst price target of $58.19. The stock should discover initial support at its 200-day moving average (MA) of $26.57 and subsequent support at its 50-day MA of $25.88.

SmarTrend recommended that subscribers consider buying shares of Csx Corp on November 29th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.11. Since that recommendation, shares of Csx Corp have risen 11.6%. We continue to monitor CSX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle csx corp

Ticker(s): CSX