Monday, 1 July 2013

CNX - a rare positive close

With the main US markets closing moderately higher, the miners are seeing a little more upside, with Consol Energy (CNX) closing +1.5% @ $27.50. Mid-term trend however remains severely to the downside.

CNX, daily


So, an up day for many of the mining stocks, but still, the main trend remains deeply bearish. With the break of trend/channel support

The important daily 10MA is declining at waterfall - arguably 'crash' speed, and will be a real barrier at $28 by the end of this holiday week.

Even if CNX can break back into the 28s by the end of this week, its going to face extreme resistance at the big $30 psy' level.