EquityPandit’s Outlook for CNX Energy for the week (September 07, 2015 – September 11, 2015):
CNX ENERGY index closed the week on negative note losing around 5%.
As we have mentioned last week that if the index manages to close above the levels of 7800, the index can witness a huge short covering bounce which can take index to the levels of 8000, but the index manages to hit a high of 7770 during the week and sold off to the levels of 7276 and close the week around the major support zone of 7350.
The index has been moving in the range of 7300 on downside to 7800 on upside since last 2 weeks. A break of the index on either side can move the index further 5% to 7% in that direction.
If the index closes below the levels of 7300 then the index can move to the levels of 7000.
If the index closes above the levels of 7500 then the index can move to the levels of 7800.
Broad range for the index is seen between 7100 to 7200 on downside to 7700 to 7800 on upside.