Clear Tracks Ahead For CSX

 | May 16, 2018 | 1:32 PM EDT
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

csx

CSX (CSX) was reviewed last month, and I recommended that, "Aggressive traders could go long CSX here and on strength above $62 looking for gains to the mid-$70's. Risk below $56 for now." Prices have continued chug higher. Let's check the charts and indicators again to make sure we remain on track.

In this daily bar chart of CSX below, we can see that CSX rallied above $62 earlier this month so traders should have increased their long exposure. The rally looks to be in good shape with prices above the rising 50-day moving average line and the positively sloped 200-day moving average line. The On-Balance-Volume (OBV) line remains pointed up and continues to tell us that buyers of CSX have been more aggressive than the sellers. The trend-following Moving Average Convergence Divergence (MACD) oscillator is in a positive configuration.

In this weekly bar chart of CSX, below, we can see how prices continue to climb and remain above the rising 40-week moving average line. The weekly OBV line shows some improvement the past five weeks and is not far from making a new high for the move up. The weekly MACD oscillator has crossed to the upside for a fresh outright go long signal.

In this Point and Figure chart of CSX, below, we can see the breakout at $61.64 and the upside price target of $73.96.

Bottom line: Traders can continue to operate from the long side. Sell stop protection could be raised to a close below $58. The $75 area is our upside price target.

Columnist Conversations

BIDU has triggered a buy entry against the cluster zone.  My risk can be defined either below the 5/23 lo...

BEST IDEAS

REAL MONEY'S BEST IDEAS

News Breaks

Powered by
Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.