• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Consol Energy (NYSE:CNX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Consol Energy (NYSE:CNX) based on the price action in the company's shares. Today's price range of $16.86 and $17.18 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Consol Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

CONSOL Energy Inc. produces high-BTU bituminous coal, and also coalbed methane gas. The Company primarily produces pipeline-quality coalbed methane gas from coal properties in the Northern and the Central Appalachian basin, other western basins, and oil and gas from properties in the Appalachian and Illinois Basins.

Consol Energy (NYSE:CNX) is currently priced 17.8% above its average consensus analyst price target of $14.03. The stock should find initial support at its 50-day moving average (MA) of $11.98 and further support at its 200-day MA of $10.43.

In the past 52 weeks, shares of Consol Energy have traded between a low of $4.54 and a high of $34.14 and are now at $17.07, which is 276% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 4.7%.

SmarTrend recommended that subscribers consider buying shares of Consol Energy on March 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.07. Since that recommendation, shares of Consol Energy have risen 70.8%. We continue to monitor CNX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle consol energy

Ticker(s): CNX