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Buyers Piling into CSX Corporation – Panama Canal Expansion May Help -

Jul, 13th 10:11

A truck leaves the CSX Corp. intermodal terminal in Chicago, Illinois, U.S., on Friday, Jan. 20, 2012. Photographer: Daniel Acker/Bloomberg

CSX Corporation is scheduled to report Q2 2016 results on Wednesday (13/7), after markets close. Analysts forecast earnings per share of $0.46, down 17.86% from the EPS of $0.56 for the same period last year. Nevertheless, investors still remained optimistic , as recent developments such as the expansion of the Panama canal could help ramp up volumes for companies with strong East Coast operations, including CSX Corporation. On the hourly chart, the moving average is still below the price action, indicating that the uptrend is solid. Moreover, RSI (14) has entered overbought territory and has moved up to 72.5778, suggesting that the stock may continue rising or consolidating at current/higher levels.

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