USA A1 Trading Advice (A) | 29-May-2024 | Expected Gain 5%-6%

 BUY   CNX Resources (NYSE: CNX)

CNX Resources (NYSE: CNX) STOCK RECOMMENDATION

Idea BUY
Buy Range 25 – 25.25
Target 26.5 – 26.8
StopLoss* below 24.5
Duration 12-14 Trading Days
Potential Returns 5% – 6%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 25 – 25.25 26.5 – 26.8 below 24.5 12-14 Trading Days 5% – 6%

* Once the first target hit, reset the StopLoss at your buying price.

Our recommendations are authentic and transparent. Find this recommendation posted in Tradingview. Be assured such records are permanent and irreversible.

CNX Resources (NYSE: CNX) STOCK OVERVIEW

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers. The company owns rights to extract natural gas from shale properties in Pennsylvania, West Virginia, and Ohio, as well as rights to extract natural gas from other shale and shallow oil and gas formations in Illinois, Indiana, New York, and Virginia. It also owns rights to extract CBM in Virginia, West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico. The company was formerly known as CONSOL Energy Inc. and changed its name to CNX Resources Corporation in November 2017. CNX Resources Corporation was founded in 1860 and is headquartered in Canonsburg, Pennsylvania.

Stock Data
NYSE SymbolCNX
Sectoral IndexOil & Gas Production
52 Weeks High24.94
52 Weeks Low15.08

CNX Resources (NYSE: CNX) - RELATIVE STRENGTH

CNX-RELATIVE STRENGTH

Relative Performance - Last 1 Year

CNX Resources —     NYSE —

CNX Resources (NYSE: CNX) - DAILY TECHNICAL ANALYSIS

CNX-DAILY TECHNICAL ANALYSIS
CNX Resources (NYSE: CNX) - Technical Analysis (Daily)
  • After a upside rally, price took a rejection near 24 level and made a correction.
  • Finally the price found its support at near 19 level and started moving upside from there and managed to break its previous resistance level.
  • A Rounding Bottom pattern has been formed during this phase.
  • After the breakout, price consolidated above the breakout level.
  • With a fresh breakout, it seems that the price may continue its trend. 

CNX Resources (NYSE: CNX) - RSI

CNX-RSI
CNX Resources (NYSE: CNX) - RSI
  • Current RSI of this stock is 68.57, which indicates the strength of buyers.

CNX Resources (NYSE: CNX) - MACD

CNX Resources (NYSE: CNX) - MACD
  • MACD line has crossed the signal line from the below, generates bullish signal.

CNX Resources (NYSE: CNX) - ADX & DI

CNX-ADX & DI
CNX Resources (NYSE: CNX) - ADX & DI
  • Increasing ADX value above 20, indicated the strength of the trend, thereby uptrending ADX confirms the bullish or bearish supportive decisions. Along with the rising ADX, and the +DI is above (or crossing) -DI, indicates the long trades should be favoured.

CONCLUSION - CNX Resources (NYSE: CNX) STOCK PRICE FORECAST

Based on our stock trading advice in USA, CNX Resources stock price target will be USD 26.5 – USD 26.8 in the next 12-14 trading sessions.

CNX Resources (NYSE: CNX) TRADINGVIEW POSITION UPDATE

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable to enter/exit in the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other trading recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

Advisor / ANALYST SUMMARY

The stock trading advice is prepared by the Naranj Capital team under the guidance of Arijit Banerjee, CMT, CFTe. Arijit is a veteran trader and an active investor having in-depth knowledge of financial market research, advanced technical analysis, market cycle, algorithmic trading, and portfolio management. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the global authority of Technical Analysis and also has been honored as a Certified Financial Technician (CFTe) by the International Federation of Technical Analysts, USA.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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