CNX closes within previous day's range after lackluster session
CNX Resources Corporation (CNX) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
CNX finished Monday at 9.90 losing $0.29 (-2.85%) on low volume, significantly underperforming the S&P 500 (0.38%). Trading $0.19 higher after the open, the market 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.
Daily Candlestick Chart (CNX as at Jun 01, 2020):
Monday's trading range has been $0.43 (4.33%), that's far below the last trading month's daily average range of $0.62. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for CNX.
Two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji. The last time a Southern Doji showed up on March 27th, CNX gained 6.16% on the following trading day.
The stock closed back below the 20-day moving average at 10.18. After having been unable to move lower than 9.71 in the previous session, the share found buyers again around the same price level today at 9.68.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 10.66 where further buy stops might get triggered. Further selling could move prices lower should the market test May's close-by low at 9.20.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Doji" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for CNX Resources. Out of 132 times, CNX closed higher 58.33% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after seven trading days, showing a win rate of 53.79% with an average market move of 1.02%.