CSX Corp (CSX) was a notable winner Friday, jumped 1.89 percent on strong volume to 49.48 – a fresh closing high. This is bullish from a technical perspective. In fact, a closer look at the daily chart of CSX suggests that the stock could climb above 60 in the coming days. Just so that you know, initially profiled in our March 1, 2016 “Swing Trader Bulletin” CSX had gained about 105% and remained well position. Below is an update look at a trade in CSX.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – CSX Corp. (daily)
Over the past few days, CSX had been basing sideways near the range top as traders digested the January massive run. Money Flow measure held firmly above the zero line since the stock reached an interim low in October, indicating…Click here to read more.
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