• 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 $5.58 and $6.29 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.

CNX Resources Corporation operates as an oil and gas exploration and production company. The Company owns mining complexes that develops and produces natural gas, including methane and shale beds. CNX Resources serves natural gas industry in the United States.

Consol Energy has overhead space with shares priced $6.31, or 68.1% below the average consensus analyst price target of $19.78. The stock should find initial resistance at its 50-day moving average (MA) of $6.70 and further resistance at its 200-day MA of $7.39.

In the past 52 weeks, shares of Consol Energy have traded between a low of $4.26 and a high of $11.12 and are now at $6.31, which is 48% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 4.4%.

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