EquityPandit’s Outlook for CNX ENERGY for week (July 13, 2015 – July 17, 2015):

CNX ENERGY:

CNX ENERGY index closed the week on negative note losing around 2.5%.

As we have suggested last week that the index is facing strong resistance around the zone of 9000 and the index is struggling to close above 9000 levels. This week also the index does not manage close above the levels of 9000 and the index sold off during the week.

The index has formed a Hammer pattern on 10/07/2015 on daily charts in a downtrend indicating the trend reversal.

Support for the index lies in the zone of 8550 to 8650 where 50 Daily EMA and 100 Daily SMA are positioned.

Resistance for the index is lying in the zone of 8900 to 9000 where 200 Daily SMA and trend-line are positioned.

Broad range for the index is seen between 8600 on downside to 9000 on upside.