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Possible Bullish Inside Day Candle Pattern Detected for CSX (NYSE:CSX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in CSX (NYSE:CSX) based on the price action in the company's shares. Today's price range of $25.12 and $25.42 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. Traders and investors interested in shares of CSX may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

CSX has overhead space with shares priced $25.36, or 20.8% below the average consensus analyst price target of $32.02. CSX shares should first meet resistance at the 50-day moving average (MA) of $25.88 and find additional resistance at the 200-day MA of $26.57.

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.

In the past 52 weeks, shares of CSX have traded between a low of $21.33 and a high of $37.64 and are now at $25.36, which is 19% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.6%.

SmarTrend is monitoring the recent change of momentum in CSX. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of CSX in search of a potential trend change.

Keywords: bullish inside day candle

Ticker(s): CSX