CNX closes within previous day's range
Moving higher for the 2nd day in a row, CNX ended Monday at 15.81 gaining $0.07 (0.44%) on low volume. Today's closing price of 15.81 marks the highest close since March 13th. Trading up to $0.30 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $0.45 (2.85%), that's slightly below last trading month's daily average range of $0.50. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 15.49 and 15.94 which it has been in now for the last three days.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Prices are trading close to the key resistance level at 16.04. The market was bought again around 15.49 after having seen lows at 15.53, 15.53 and 15.51 in the last three trading sessions. Obviously there is something going on at that level.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 15.97 where further buy stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Report Market Conditions
|Low close to previous three Lows||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
|Bullish Outside Bar||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Stocks Top Movers