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

By David Diaz

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. Yesterday's price range of $25.12 and $25.43 is within the prior day'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 (NYSE:CSX) has potential upside of 26.9% based on a current price of $25.23 and analysts' consensus 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.

CSX share prices have moved between a 52-week high of $37.64 and a 52-week low of $21.33 and closed yesterday at 18% above that low price at $25.23 per share. The 200-day and 50-day moving averages have moved 0.41% lower and 0.58% higher over the past week, respectively.

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 am inside day candle

Ticker(s): CSX