CEIX pushes through Monday's high
CONSOL Energy Inc. (CEIX) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
CEIX ended Tuesday at 34.38 gaining $0.66 (1.96%), strongly outperforming the S&P 500 (0.05%). Today's close at 34.38 marks the highest recorded closing price since March 22nd. Closing above Monday's high at 34.21, CONSOL Energy confirmed its breakout through the prior session high after trading up to $0.45 above it intraday.
Daily Candlestick Chart (CEIX as at Apr 16, 2019):
Tuesday's trading range has been $1.28 (3.8%), that's above the last trading month's daily average range of $1.07. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for CEIX.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. The last time this happened on April 9th, CEIX gained 1.85% on the following trading day. In spite of a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close above the 100-day moving average at 34.31 for the first time since March 21st. The market found buyers again today around 33.38 for the third trading day in a row after having found demand at 33.52 in the prior session and at 33.40 two days ago.
Although CEIX is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
As prices are trading close to April's high at 35.18, upside momentum might speed up should CONSOL Energy mark new highs for the month.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Outside Bar" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for CONSOL Energy. Out of 10 times, CEIX closed lower 80.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 70.00% with an average market move of -1.79%.