CEIX finds buyers again around 6.78
CONSOL Energy Inc. (CEIX) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
CEIX finished the week -25.03% lower at 7.04 after losing $0.56 (-7.37%) today, strongly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (CEIX as at Feb 14, 2020):
Friday's trading range has been $0.86 (11.32%), that's slightly above the last trading month's daily average range of $0.79. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CEIX.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Wednesday, CEIX actually gained 8.88% on the following trading day.
After having been unable to move lower than 6.87 in the prior session, the market found buyers again around the same price level today at 6.78.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week Low" stand out. Its common bearish interpretation has been confirmed for CONSOL Energy. Out of 64 times, CEIX closed lower 70.31% 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 62.50% with an average market move of -1.97%.