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

By Nick Russo

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 $10.64 and $10.64 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.

In the past 52 weeks, shares of Consol Energy have traded between a low of $9.58 and a high of $18.37 and are now at $10.64, which is 11% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.9%.

CNX Resources Corporation, an independent oil and gas company, explores for, develops, and produces natural gas primarily in the Appalachian Basin. The company operates through two divisions, Exploration and Production (E&P), and Midstream.

There is potential upside of 85.9% for shares of Consol Energy based on a current price of $10.64 and an average consensus analyst price target of $19.78. The stock should find resistance at its 200-day moving average (MA) of $13.54, as well as support at its 50-day MA of $10.53.

SmarTrend is tracking the current trend status for Consol Energy and will alert subscribers who have CNX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle consol energy

Ticker(s): CNX