CSX finds support at 100-day moving average
CSX Corporation (CSX) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CSX finished the week 2.14% higher at 70.66 after losing $1.01 (-1.41%) today, but still slightly outperforming the Nasdaq 100 (-1.67%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CSX as at Nov 09, 2018):
Friday's trading range has been $1.65 (2.32%), that's slightly below the last trading month's daily average range of $1.84. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CSX.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
After trading as low as 69.88 during the day, the share found support at the 100-day moving average at 70.62. The last time this happened on October 17th, CSX actually lost -2.91% on the following trading day.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling might accelerate should prices move below the close-by swing low at 69.07 where further sell stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for CSX. Out of 458 times, CSX closed higher 60.26% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.77% with an average market move of 1.10%.