This Black Gold is Green $CEIX – August 18, 2023
This is Scott with your Chart of the Day. I want to take a look at Consol Energy ( NYSE: CEIX ).
Now, the interesting thing about this is, this is a coal stock and coal stocks were huge in 2022. They had a massive run and this is just one example. From January-February of 2022 to around the end of the year, December, it is up 280+ percent. And since then it has pulled back, it gave you a nice big pullback here but it really has just been consolidating.
You can see this cup formation and it just recently broke above this cup and printed a new high the other day. Now, this is interesting to me because this is one of those stocks that went up because the price of everything was going up. The price of commodities was going up, and inflation was going up.
Well, this stock has been bucking the trend because recently, as we know, the SPY ( NYSEARCA: SPY ) has been going down. The QQQs ( NASDAQ: QQQ ) have been going down, but CEIX ( NYSE: CEIX ) has been going up. And so I definitely think this is a stock we should be paying attention to because it is one that is showing a lot of relative strength in a relatively crappy market, let’s be honest.
So you definitely want to keep an eye on this. I think it is a bit extended here above the 8-day, but if you get an opportunity to buy a bounce off the 8-day or the 21-day, I definitely think that could be actionable. So I just want to keep this one on my watch list, and definitely add it to yours as a stock that is showing a lot of strength in a bad market.
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