EquityPandit’s Outlook for CNX Energy for the week (September 28, 2015 – October 02, 2015):
CNX ENERGY index closed the week on negative note losing around 4%.
As we have mentioned last week that support for the index lies in the zone of 7500 to 7600 where short term moving averages are positioned. If the index broke below the levels of 7500 on closing basis then the index can drift to the levels of 7300. The index has close the week around the levels of 7491.
The index has been moving in the range of 7300 on downside to 7800 on upside since last 4 weeks. A break of the index on either side can move the index further 5% to 7% in that direction.
Support for the index lies in the zone of 7500. If the index broke below the levels of 7500 on closing basis then the index can drift to the levels of 7300.
If the index manages to close above the levels of 7800 for couple of days, the index can witness a huge short covering bounce which can take index to the levels of 8000.
Broad range for the index is seen between 7400 to 7450 on downside to 7900 to 8000 on upside.