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.