CSX Corp Stock Is Pulling Back Into The Station
Verified Investing | Jul 19, 2016 03:17AM ET
CSX Corp. (NASDAQ:CSX) had an impressive move up last week, over 10%, including a bit of a pullback on Friday which I believe was just the start of a larger move to the downside. Had I caught the pierce last Thursday of the two trend lines drawn in below, around $29.30, I'd already be in this trade on the short side.
There may still be an opportunity to get into the trade IF price can retrace back to the trend lines tomorrow; anywhere between $29 and $29.30 is where I would suggest. I think this would be an excellent short for a quick 1-2 week trade with a target area where the 3 moving averages (20MA, 50MA, and 200MA) sit around $26.25.
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