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

By Amy Schwartz

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 $16.46 and $16.58 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. is a diversified fuel producer. The Company owns and operates mining complexes that contain coal reserves, as well as explores, develops, and produces natural gas, including methane and shale beds. CONSOL Energy operates in the United States.

There is potential upside of 20.2% for shares of Consol Energy based on a current price of $16.45 and an average consensus analyst price target of $19.78. The stock should discover initial support at its 50-day moving average (MA) of $11.98 and subsequent support at its 200-day MA of $10.43.

Over the past year, Consol Energy has traded in a range of $11.69 to $22.34 and is now at $16.45, 41% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 4.7%.

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