EquityPandit’s Outlook for CNX Energy for week (August 10, 2015 – August 14, 2015):
CNX ENERGY index closed the week on negative note losing around 0.5%.
As we have mentioned last week that the index has formed a Evening star pattern on weekly charts in an uptrend indicating the trend reversal. If the index closes below the levels of 8650 the index can move to the levels of 8400 and the index hit a low of 8565 and close the week on positive note around the levels of 8666 above the levels of 8650.
The index has formed a Shooting Star pattern on monthly charts in an uptrend indicating the trend reversal. The index has to close above the levels of 9000 to negate bearish pattern on weekly and monthly charts.
Support for the index lies in the zone of 8600 to 8650 where 100 Daily SMA and 500 Daily SMA are positioned.
Resistance for the index is lying in the zone of 8700 to 8800 where 200 Daily SMA and trend-line are positioned.
Broad range for the index is seen between 8500 to 8550 on downside to 8900 to 8950 on upside.