EquityPandit’s Outlook for CNX Energy for the week (August 31, 2015 – September 04, 2015):

CNX ENERGY:

CNX ENERGY index closed the week on negative note losing more than 3%.

As we have mentioned last week that the index broke below the 1000 Daily SMA and 200 Weekly SMA, and close the week virtually at the lowest point and the index sold off to the levels of 7250 before closing the week around the levels of 7730.

During the week the index also drifted below the long term support zone of 7300 but manages to bounce back. So coming week if the index manages to hold the levels of 7300 the index can move to the levels of 8000.

If the index manages to close above the levels of 7800, the index can witness a huge short covering bounce which can take index to the levels of 8000.

Resistance for the index is lying in the zone of 8100 to 8200 where 1000 Daily SMA and 200 Weekly SMA are positioned.

Broad range for the index is seen between 7300 to 7400 on downside to 8000 to 8100 on upside.