CSX Corp Is Finally Pulling Back, Watch This Level

Railroad stocks have been very strong to start 2022. In fact, railroad leaders such as Norfolk Southern Corp (NSC), Union Pacific Corp (UNP) and CSX Corp (CSX) just made new all time highs last week. At the start of this week the railroad stocks have come under some sharp selling pressure. CSX Corp (CSX) is now pulling back and has fallen below its 50-day moving average. This tells me that this stock is starting to see some near term distribution and further weakness is likely. 

One level that catches my eye for a CSX Corp (CSX) long trade will be around the $31.50 area. This level is where the stock broke out in early October, 2021. This level should be defended when it is initially tested. I will be keeping this stock on my watch-list for a long side trade around this key level.   

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