EquityPandit’s Outlook for CNX Energy for the week (October 12, 2015 – October 16, 2015):
CNX ENERGY index closed the week on positive note gaining around 3.5%.
As we have mentioned last week that 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. During the week the index manages to hit a high of 8062 before closing the week around the levels of 7922.
Support for the index lies in the zone of 7800 from where the index has broken out of the 2 months of consolidation. If the index closes below the levels of 7800 then the index can drift to the levels of 7600.
Resistance for the index lies in the zone of 8050 to 8100. If the index manages to close above the levels of 8100 then the index can move to the levels of 8200 to 8300 where 1000 and 100 Daily SMA are positioned.
Broad range for the index is seen between 7700 to 7750 on downside to 8150 to 8200 on upside.