CSX closes higher for the 2nd day in a row
CSX Corporation (CSX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CSX finished the month -2.57% lower at 69.74 after gaining $1.24 (1.81%) today, slightly underperforming the Nasdaq 100 (1.96%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 68.52, the stock confirmed its breakout through the previous session high after trading up to $1.79 above it intraday.
Daily Candlestick Chart (CSX as at Jun 30, 2020):
Tuesday's trading range has been $2.32 (3.4%), that's slightly above the last trading month's daily average range of $2.06. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CSX.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 200-day moving average at 69.17 for the first time since June 23rd. When this moving average was crossed above the last time on June 23rd, CSX actually lost -2.78% on the following trading day. Prices are trading close to the key technical resistance level at 70.47 (R1).
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for CSX. Out of 45 times, CSX closed lower 64.44% of the time on the next trading day after the market condition occurred.