I agree with your points. I had a stop loss hit that took me out, as CNI has been dragged down with the rest of the market. However, I looked at the chart and see what you mean. I am not a technical guru but the fundamentals look good also.
Just look at who owns this stock, it's at the top of most list, this is such a buy at these levels that those who don't will be kicking themselves. Will be imo shortly back in the mid 50's and will despite this push down in the markets be one of the stocks that will lead in the next rally and set a 52week high.
CNI represents not only an excellent buying opportunity, but represents one that must be taken advantage of - what do I mean well today and yesterday up nearly $4 and this is the kind of momentum that will be generated, CNI will test it's 52 week high shortly and go much higher, imo.