CSX stuck within tight trading range


CSX Corp. (CSX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
CSX finds buyers around 64.48 for the third day in a row
CSX finds buyers at key support level
CSX fails to close above 20-day moving average
CSX stuck within tight trading range
CSX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 25% Bullish
Technical Forecast:
Overview

CSX ended the week -0.45% lower at 64.71 after edging higher $0.03 (0.05%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CSX
Volatility

Friday's trading range was $0.88 (1.36%), that's below last trading month's daily average range of $1.08. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 64.35 and 65.69 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

After trading as low as 64.48 during the day, the share bounced off the key support level at 64.57. The failure to close below the support could increase that levels importance as support going forward. The stock found buyers again today around 64.48 for the third trading day in a row after having found demand at 64.46 in the prior session and at 64.35 two days ago. After spiking up to 65.36 during the day, CSX Corp. found resistance at the 20-day moving average at 64.75.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling might speed up should prices move below the nearby swing low at 64.35 where further sell stops could get activated. Further selling might move prices lower should the market test June's close-by low at 62.72.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for CSX Corp.
ConditionForecastDirectionWinAvgWorstBestEvents
White Candle TQ Pro Members Only
4 Consecutive Higher Closes TQ Pro Members Only
52 Week High TQ Pro Members Only
RSI(14) above 70 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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