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Tickers in this Article: CSX
New York, August 30th (TradersHuddle.com) - Shares of CSX Corporation (NYSE:CSX) (NYSE:CSX) ended the trading session lower by $0.1 or -0.44% from its previous close. CSX's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

CSX Corporation (NYSE:CSX) provides rail, intermodal, domestic container-shipping, barging, and contract logistics services around the world. The company offers rail transportation services principally throughout the eastern United States.

CSX's current stock range is determined by calculated support defined at $21.49 and by the resistance level at $23.25, which should be used by traders planning their next move.

If traders want to establish a position in CSX, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor CSX for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:

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