Nearest Resistance: $29
Nearest Support: $26.50
Catalyst: Q4 Earnings

CSX Corporation (CSX) is getting pushed 7% lower this afternoon following fourth-quarter earnings numbers that missed the mark. CSX earned 42 cents per share in the last quarter, but analysts were expecting 43 cents. Even though it was a slim miss on the surface, a reduction in coal transport volume tacked extra selling into today's session.

Technically, this chart is broken. While CSX had been in a well-formed uptrend for the last six months, today's gap lower broke the uptrend. That's a good indication that you don't want to own this stock in the intermediate term. Support is nearby at $26.50, but sellers could take this stock even lower.

-- Written by Jonas Elmerraji in Baltimore.



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At the time of publication, author had no positions in stocks mentioned. Jonas Elmerraji, CMT, is a senior market analyst at Agora Financial in Baltimore and a contributor to TheStreet. Before that, he managed a portfolio of stocks for an investment advisory returned 15% in 2008. He has been featured in Forbes , Investor's Business Daily, and on CNBC.com. Jonas holds a degree in financial economics from UMBC and the Chartered Market Technician designation. Follow Jonas on Twitter @JonasElmerraji

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