CSX closes higher for the 2nd day in a row
CSX Corporation (CSX) Technical Analysis Report for Feb 20, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CSX finished Thursday at 80.45 gaining $0.28 (0.35%) on low volume, significantly outperforming the Nasdaq 100 (-0.94%). Today's close at 80.45 marks the highest recorded closing price since May 3, 2019. Trading up to $0.48 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 80.25, the market confirmed its breakout through the prior session high after trading up to $0.37 above it intraday.
Daily Candlestick Chart (CSX as at Feb 20, 2020):
Thursday's trading range has been $1.02 (1.27%), that's slightly below the last trading month's daily average range of $1.24. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CSX.
After having been unable to move lower than 79.60 in the previous session, the share found buyers again around the same price level today at 79.60. The last time this happened on Tuesday, CSX gained 0.83% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
2019's high at 80.73 is within reach and we could see further upside momentum should CSX manage to break out beyond.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for CSX. Out of 319 times, CSX closed higher 55.49% 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 57.05% with an average market move of 0.49%.