EquityPandit’s Outlook for CNX Energy for the week (October 26, 2015 – October 30, 2015):

CNX ENERGY:

CNX ENERGY index closed the week on positive note gaining around 2.0%.

As we have mentioned last week that the index is approaching towards the strong resistance zone of 8200 to 8300 where 1000 & 100 Daily SMA and 200 Weekly SMA are positioned. If the index manages to move above this levels then the index can move to the levels of 8400 where downward sloping trend-line and 200 Daily SMA are positioned. During the week the index manages to hit a high of 8366 and close the week around the levels of 8278.

Support for the index lies around the levels of 8100 to 8150 where 1000 Daily SMA and 200 Weekly SMA are positioned. If the index manages to close below this levels then the index can drift to the levels of 8000 from where the index has broken out.

Resistance for the index lies in the zone of 8400 to 8500 where 200 Daily SMA and inclining trend-line is lying. If the index manages to close above this levels then the index can move to the levels of 8600 where 500 Daily SMA is positioned.

Broad range for the index is seen between 8050 to 8100 on downside to 8450 to 8500 on upside.