CNX 0.00% 7.4¢ carbon energy limited

a case for caution

  1. 7,432 Posts.
    Decata,I read below that you are becoming "concerned" about CNX even though you are a loyal,long time Bull Holder.

    I realise you and a lot of other Holders dislike/despise me as a Negative DownRamper but I just follow contra views,maintain an eye out for Risk beyond just doing rudimentary,one line Rah RAH CNX is my Team jive[aka Up Ramping]

    Anyway,decata you are becoming concerned by CNX often bouncing off 26 over the last few months.Your concern may be further escalated if you realise that CNX is staying Longer recently under 30ish cents.

    Now I know,haspete uses the extremity of Tails to figure out Support ie 26 BUT it is much more "classical" to use Closing Prices instead of trading range for this Support Calculation.Using Close you come up with 30ish NOT 26 as Support.

    When CNX recently traded for some days under 30 and this week just cut thru it,no hovering,that was a strong Indicator of this being a Support Collapse coming.

    Further problem is that Day/ST traders see the 26/30 as an excellent Entry Point for a Quick run back to 33/35+.Being under 30 for a "long time"/a couple of days pretty well ensures a Sell Dominance at the mid 30's level.One can pretty well take as Gospel that any gap formed say sub 40 is for Closing in the near term.
    Having been under 30 so regularly has also attracted the Double Down Money of the Long Term Holders.One has to estimate how much more Money will arise from this market segment each time CNX subs 30?Ponder what will happen if these Holders money is all used up?

    I trust decata you are sophiticated enough to see Half Million Bids "off" the Trading Edge as possible Under Capping,attempts to drive the Bids Up to Sell into?
    Many pilgrims bemoan High Number Asks as "dirty tricks" to Accumulate but they never see the other side of the coin as Sneaky Bidding to Distribute.
    Probably too difficult a concept for a One Liner Poster to comprehend!!

    Anyway,just wanted to contribute some Depth into this thread of CNX of my thinking re it and it's "Future".

    Happy Trading.
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