The Greedy Trader Weekly Analysis
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Downtrend Resistance
Downtrend Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Downtrend Resistance stock alert indicates that price is near long-term resistance trendline and probability of short-term trend reversal is high.

The strategy is based on selling long (or taking short) position on downtrend testing resistance. The strategy has low to medium risk and average reword.

Downtrend Resistance

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- 11/24/2023 -
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CSX Corp. (CSX) Technical Analysis

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Summary:
Weekly :Overbought sectorWeekly  MACD line has moved above its signal line
Daily :Relative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overbought
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It was a fourth consecutive positive week for the CSX Corp. (CSX). During the week, the CSX gained 1.02 points, or 3.23%, and closed at 32.64 on Friday, November 24, 2023. Weekly volume was -8% below average.

CSX is a member of Industrials Sector. Industrials is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See CSX long-term trend chart]
A long-term downtrend had started on May 10, 2021 at 104.87 and reached 25.80 on October 13, 2022. CSX lost 79.07 points, or 75.40%, in 74 weeks. The chart has formed a Rectangle chart pattern. The trend support level is at 25.79 and resistance is at 33.38. A rectangle chart pattern is characterized as a short-term horizontal channel and represents a trading range and indecision area that is usually resolves in the direction of the main trend. Chart analysis usually considers a rectangle pattern a continuation formation, but it can also mark significant top and bottom. A rectangle pattern within younger parent trend has more chances to mark a continuation. Use the following link to access a Rectangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rectangle pattern in a long-term trend.

Medium-term trend: [See CSX medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 25.80 and reached 34.38 on July 3, 2023. CSX gained -8.58 points, or -33.26%, in 37 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 30.34 and resistance is at 35.15. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See CSX weekly technical indicators chart]
Weekly technical indicators are neutral.

During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.

Short-term trend: [See CSX short-term trend chart]
A short-term uptrend had started on October 27, 2023 at 29.03 and reached 32.64 on November 24, 2023. CSX gained -3.61 points, or -12.44%, in 28 days. Price is near the trend high.

Daily Technical Indicators: [See CSX daily technical indicators chart]
Daily Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index or strongly overbought daily Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The daily MACD line is above its signal line since November 3, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term uptrend is strong.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 82.18
Overbought
Williams' Percentage Range (W%R) 2.80
Strong Overbought
Lane's Stochastic (%D-Slow) 96.57
Strong Overbought
Greed/Fear Indicator (GFI) 91.99
Strong Overbought
Moving Average Converg./Diverg. (MACD) 0.24
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 60.55
Williams' Percentage Range (W%R) 30.80
Lane's Stochastic (%D-Slow) 50.18
Greed/Fear Indicator (GFI) 58.30
Moving Average Converg./Diverg. (MACD) -0.22
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 35.15
Yearly Trendline Resistance 33.38
Upper Bollinger Band 33.16
Price 32.64
Daily Stochastic Crossing 32.60
Parabolic System 31.55
Weekly Stochastic Crossing 31.07
Monthly Trendline Resistance 30.95
50 Day Moving Average 30.79
20 Day Moving Average 30.79
Quarterly Trendline Support 30.34
Lower Bollinger Band 29.22
Monthly Trendline Support 28.81
Sector and Industry
Description Name Rank
Sector Industrials 8
Industry Railroads 85
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 30.01
Low Date 11/07/2023
High 32.64
High Date 11/24/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 29.03
Low Date 10/27/2023
High 32.64
High Date 11/24/2023
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 30.95
Support 28.81
High 34.38
High Date 07/03/2023
Low 29.03
Low Date 10/27/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 35.15
Support 30.34
Low 25.80
Low Date 10/13/2022
High 34.38
High Date 07/03/2023
Description Value
Direction Down
Chart Pattern Rectangle
Status Valid
Resistance 33.38
Support 25.79
High 104.87
High Date 05/10/2021
Low 25.80
Low Date 10/13/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.