Here’s the level Scott likes on $CEIX – December 15, 2022
CEIX SPY
This is Scott with your Chart of the Day. I want to talk about Consol Energy ( NYSE: CEIX ). This stock has been a powerful stock all year long. In fact, if I zoom out, since the beginning of January it is up about 200 percent. It is just a rocket off of the lows.
Even though we have had a mix of geopolitical and monetary stuff going on, the trend on this chart is still intact. That makes me want to pay attention to it as it is definitely at an interesting spot. I will show you why. You can see how it broke out of this clear downward-sloping trendline. I drew this downward-sloping trendline here, starting at the end of August. A downward-sloping trendline, clear resistance, clear resistance. It broke above, did it on high volume, came back, retested that move, and passed the test.
It held above that downward-sloping trendline and now is just kind of chilling out. It is just hanging out near the 8-day exponential period moving average, in consolidation. That is key because it is showing you the market came back down to this price level. Agreed ? Yes, we are buying it here, and it held up. If you look at the SPY ( NYSEARCA: SPY ), not much is holding up in this market. And so CEIX ( NYSE: CEIX ) is definitely at an interesting spot.
Here’s the next level that I think is really important on this stock. That is right around that 74.00 zone. You can see, just under that 74.00, we have a little resistance neighborhood here. And if I go back into the middle of October it lines up pretty nicely as well. One of the reasons I love charts, you can see the price history, and you can feel the emotion, I love it.
Anyways, I want to see this get above that 74.00 zone, hold above, and ideally do it on higher-than-average volume. Now, I do believe this probably could use another week of consolidation. So I am going to set an alert on my software for the next month and then look for a strong move through their coming-on volume.
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