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CNX RESOURCES CORP (NYSE:CNX) Technical Analysis observations.

By Mill Chart

Last update: Oct 16, 2023

Our stock screener has flagged CNX RESOURCES CORP (NYSE:CNX) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:CNX for potential movement.

CNX Daily chart on 2023-10-16

Technical analysis of NYSE:CNX

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Overall CNX gets a technical rating of 8 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, CNX is only an average performer.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • CNX is part of the Oil, Gas & Consumable Fuels industry. There are 218 other stocks in this industry. CNX outperforms 89% of them.
  • A new 52 week high is currently being made by CNX, which is a very good signal! Especially since the S&P500 is only trading in the upper part of its 52 week range, so CNX is leading the market.
  • In the last month CNX has a been trading in the 21.00 - 23.51 range, which is quite wide. It is currently trading near the high of this range.
  • Looking at the yearly performance, CNX did better than 94% of all other stocks. However, this relatively good performance is mostly due to a recent big move.

For an up to date full technical analysis you can check the technical report of CNX

How does the Setup look for NYSE:CNX

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:CNX currently has a 8 as setup rating:

CNX has an excellent technical rating, but the quality of the setup is only medium at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first.

Trading breakout setups.

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.

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CNX RESOURCES CORP

NYSE:CNX (5/29/2024, 7:04:00 PM)

After market: 25.04 0 (0%)

25.04

-0.21 (-0.83%)

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