EquityPandit’s Outlook for CNX Energy for the week (September 21, 2015 – September 25, 2015):

CNX ENERGY:

CNX ENERGY index closed the week on positive note gaining around 4%.

As we have mentioned last week that if the index closes above the levels of 7500 for couple of days then the index can move to the levels of 7800 and the index manages to hit a high of 7825 during the week.

The index has been moving in the range of 7300 on downside to 7800 on upside since last 3 weeks. A break of the index on either side can move the index further 5% to 7% in that direction.

Support for the index lies in the zone of 7500 to 7600 where short term moving averages are positioned. If the index broke below the levels of 7500 on closing basis then the index can drift to the levels of 7300.

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

Broad range for the index is seen between 7500 to 7550 on downside to 7900 to 8000 on upside.