After Yesterday's Rally of 1.57% Shares Could Potentially Pullback
CSX (NYSE:CSX) traded in a range yesterday that spanned from a low of $28.46 to a high of $29.04. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $28.88 on volume of 3.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, CSX has traded in a range of $21.33 to $37.64 and is now at $28.95, 36% above that low. The 200-day and 50-day moving averages have moved 0.41% lower and 0.58% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of CSX on July 13th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.63. Since that recommendation, shares of CSX have risen 3.5%. We continue to monitor CSX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.