EquityPandit’s Outlook for CNX Energy for week (July 20, 2015 – July 24, 2015):
CNX ENERGY index closed the week on positive note gaining around 2.5%.
Since last 3 weeks the index has been moving in the range of 8700 on downside to 9000 on upside.
A breakout on either side will take the index more 2% to 3% in that direction.
If the index manages to close above the levels of 9000 for couple of days then the index can move to the levels of 9200 where upward sloping trend-lines are positioned.
If the index broke below the levels of 8700 the index can go to the levels of 8500 where trend-line supports are lying and the index will end the medium term uptrend.
Support for the index lies in the zone of 8700 to 8800 where 50 Daily EMA and 200 Daily SMA are positioned.
Resistance for the index is lying in the zone of 9100 to 9200 where trend-line are positioned.
Broad range for the index is seen between 8600 to 8700 on downside to 9200 to 9300 on upside.