EquityPandit’s Outlook for CNX Energy for the week (October 19, 2015 – October 23, 2015):
CNX ENERGY index closed the week on positive note gaining around 2.2%.
As we have mentioned last week that 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. During the week the index manages to hit a high of 8129 and virtually close around the highs of the week.
Support for the index lies in the zone of 7950 to 8000 from where the index has broken out of the consolidation. If the index closes below the levels of 7900 then the index can drift to the levels of 7600.
The index is approaching towards the strong resistance zone of 8200 to 8300 where 1000 & 100 Daily SMA and 200 Weekly SMA are positioned. If the index manages to move above this levels then the index can move to the levels of 8400 where downward sloping trend-line and 200 Daily SMA are positioned.
Broad range for the index is seen between 7950 to 8000 on downside to 8250 to 8300 on upside.