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.
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