CNX closes below its opening price unable to hold early session gains
CNX Resources Corporation (CNX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
CNX finished the week -2.14% lower at 14.60 after losing $0.10 (-0.68%) today. Today's closing price of 14.60 marks the lowest close since April 26th. Trading $0.17 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (CNX as at Sep 14, 2018):
Friday's trading range was $0.28 (1.91%), that's below last trading month's daily average range of $0.40. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 14.54. The market found buyers again today around 14.56 for the third trading day in a row after having found demand at 14.58 in the previous session and at 14.62 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.