CSX closes below its opening price unable to hold early session gains


CSX Corporation (CSX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team

Highlights

CSX closes below its opening price unable to hold early session gains
CSX finds support at 20-day moving average
CSX closes lower for the 2nd day in a row
CSX closes within previous day's range

Overview

Moving lower for the 2nd day in a row, CSX ended the week 1.45% higher at 72.81 after losing $0.19 (-0.26%) today on high volume, notably underperforming the Nasdaq 100 (0.88%). Trading $0.82 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (CSX as at Mar 15, 2019):

Daily technical analysis candlestick chart for CSX Corporation (CSX) as at Mar 15, 2019

Friday's trading range has been $1.09 (1.5%), that's slightly above the last trading month's daily average range of $1.06. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for CSX.

Three candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and two bearish patterns, the Bearish Spinning Top and the Shooting Star. The last time a Bullish Hikkake Pattern showed up on March 8th, CSX gained 1.64% on the following trading day.

After trading as low as 72.60 during the day, the market found support at the 20-day moving average at 72.70.

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

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Its common bullish interpretation has been confirmed for CSX. Out of 93 times, CSX closed higher 49.46% 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 66.67% with an average market move of 2.07%.


Market Conditions for CSX as at Mar 15, 2019

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