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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 $8.86 and $8.88 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 (NYSE:CNX) has potential upside of 123.2% based on a current price of $8.86 and analysts' consensus price target of $19.78. Consol Energy shares should first meet resistance at the 50-day moving average (MA) of $10.43 and find additional resistance at the 200-day MA of $13.01.

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.

In the past 52 weeks, Consol Energy share prices have been bracketed by a low of $8.44 and a high of $18.37 and are now at $8.86, 5% above that low price. The 200-day and 50-day moving averages have moved 0.95% lower and 0.95% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Consol Energy on February 4th, 2019 by issuing a Downtrend alert when the shares were trading at $10.75. Since that call, shares of Consol Energy have fallen 16.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle consol energy

Ticker(s): CNX