CSX Corporation (CSX stock) price is in a narrow congestion zone and spent time below $35 for the past sessions. However, the bulls are gathering momentum and are close to the 200-day EMA, willing to top the primary hurdle of $35 and reach the $50. Furthermore, the technical indicators suggest that bulls were close to registering a breakout, and soon, CSX stock will skyrocket and reach $50. Moreover, the CSX stock price is above the 20-day EMA and sustained above the support zone of $30.
CSX stock price is on a bullish trajectory, suggesting that bulls are gaining traction and are trying to beat the primary hurdle of $35. Moreover, the chart suggests bullishness because the lower neckline of $25 was protected. The bulls escaped the upper range and are above the support zone of $30.
At press time, CSX stock price was $31.20 with an intraday gain of 0.58%, showing bullishness on the charts. Trading volume remained average at 14.897 Million, and the market cap is $62.597 Billion. Furthermore, analysts maintained a buy rating with a yearly target price of $36.32, suggesting a significant upside for the following sessions.
CSX Corp. engages in the provision of rail-based freight transportation services. Its services include rail service, the transport of intermodal containers and trailers, rail-to-truck transfers, and bulk commodity operations. The company was founded in 1827 and is headquartered in Jacksonville, FL.
Will CSX Stock Price Escape 200 day EMA?
On the daily charts, CSX stock price has been hovering in the $25 – $35 range for the past number of months. Moreover, the price action favors the bulls due to the long build-up activity and suggests that follow-on buying will persist, and CSX stock may reach the $50 mark soon. Besides the bullish chart structure, CSX stock price was above the 50% Fib zone and beyond the mid-Bollinger band, which are solid cues.
The RSI curve is above neutrality and showed a positive crossover on the charts, suggesting a significant upside with the immediate target of $50 can be anticipated soon.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a positive outlook for the upcoming sessions.
Summary
CSX Corporation (NASDAQ: CSX) stock price is inside a range ($25 – $35) showing roller coaster moves – retesting the zone’s edges, but did not escape. Moreover, the battle is still on as the bulls are trying to escape the neckline of $35, while the sellers look to violate the $25 level.
Technical Levels
Support Levels:$25 and $20
Resistance Levels: $40 and $50
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/09/24/will-csx-stock-nasdaq-csx-escape-congestion-zone-above-35/