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Market Insights

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Chart Study: Is CSX Ready to Start Rolling?

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Railroad operator CSX has squeezed into a tight range for almost five months. Now it may be ready for a breakout.

The first pattern jumping off the chart is the ascending triangle with resistance around $95. Prices just started to escape the top yesterday.

Also notice how the lows on January 27, March 4 and March 19 were followed by “kicker” candlestick patterns. Those snapbacks show buyers didn’t let the stock remain down for long.

Next, Bollinger Band Width has tightened during this time, creating the potential for expansion if CSX starts running.

For more, please click here to view the related idea and chart analysis on TradingView.

CSX (CSX), daily chart, with key patterns, courtesy of TradingView.

About the author

David Russell
David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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