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CNX closes within previous day's range


Technical Analysis Report for CNX - Apr 16, 2018 [1 min read]
Highlights
Traders officially love to buy CNX around 15.49 level
CNX closes above its opening price after recovering from early selling pressure
CNX closes higher for the 2nd day in a row
CNX rises to highest close since March 13th
CNX stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for CNX
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the close-by swing high at 15.97 where further buy stops could get triggered.

Conclusion

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
ConditionForecastDirectionWinAvgWorstBest
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...
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