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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Consol Energy (NYSE:CNX) based on the price action in the company's shares. Today's price range of $14.56 and $14.71 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. Traders and investors interested in shares of Consol Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Consol Energy has traded in a range of $4.54 to $34.14 and is now at $14.63, 222% above that low. The 200-day and 50-day moving averages have moved 0.49% lower and 4.70% higher over the past week, respectively.

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) has potential upside of 55.3% based on a current price of $14.63 and analysts' consensus price target of $22.73. Consol Energy shares have support at the 50-day moving average (MA) of $11.98 and additional support at the 200-day MA of $10.43.

SmarTrend recommended that its subscribers protect gains by selling shares of Consol Energy on April 21st, 2017 by issuing a Downtrend alert when the shares were trading at $15.34. Since that call, shares of Consol Energy have fallen 5.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle consol energy

Ticker(s): CNX