Railroad Stocks Fall Off The Track
InTheMoneyStocks.com | Jul 17, 2019 03:47PM ET
Most of the railroad stocks declined sharply lower, Wednesday, after a very weak earnings report from CSX Corporation (NASDAQ:CSX). The company said it expects revenue to fall by as much as 2% in 2019. Prior to the report, the company was forecasting an increase of 1 to 2%. Currently, CSX stock is declining lower by $8.52 (-10.50) to $71.05 a share and is now trading below its 200-day moving average, which puts the stock in a weak technical position. Traders and investors must now watch for further downside in the coming days and weeks ahead.h3 Watch This Support/h3
The next major support level for CSX is around the $65 area. This level is where the 100-week moving average is currently and should be defended when tested. Other railroad stocks that are falling in sympathy to CSX include Norfolk Southern (NYSE:NSC), Union Pacific (NYSE:UNP) and Kansas City Southern (NYSE:KSU).
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