CNX Resources Corp (CNX)
CNX Resources Corporation, an independent oil and natural gas company, acquires, explores, develops and produces natural gas properties primarily in the Appalachian Basin. The company is headquartered in Canonsburg, Pennsylvania.
Stock Price Trends
Stock price trends estimated using linear regression.
Key facts
- The primary trend is increasing.
- The growth rate of the primary trend is 16.65% per annum.
- CNX price at the close of May 13, 2024 was $23.47 and was inside the primary price channel.
- The secondary trend is increasing.
- The growth rate of the secondary trend is 133.41% per annum.
- CNX price at the close of May 13, 2024 was lower than the bottom border of the secondary price channel by $0.48 (2.00%). This indicates a possible reversal in the secondary trend direction.
Linear Regression Model
Model equation:
Yi = α + β × Xi + εi
Top border of price channel:
Exp(Yi) = Exp(a + b × Xi + 2 × s)
Bottom border of price channel:
Exp(Yi) = Exp(a + b × Xi – 2 × s)
where:
i - observation number
Yi - natural logarithm of CNX price
Xi - time index, 1 day interval
σ - standard deviation of εi
a - estimator of α
b - estimator of β
s - estimator of σ
Exp() - calculates the exponent of e
Primary Trend
Start date: January 7, 2021
End date: March 26, 2024
a = 2.3073
b = 0.0004
s = 0.1220
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × 0.0004) – 1
= 16.65%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.1220) – 1
= 62.88%
January 7, 2021 calculations
Top border of price channel:
Exp(Y417)
= Exp(a + b × X417 + 2 × s)
= Exp(a + b × 604 + 2 × s)
= Exp(2.3073 + 0.0004 × 604 + 2 × 0.1220)
= Exp(2.8061)
= $16.55
Bottom border of price channel:
Exp(Y417)
= Exp(a + b × X417 – 2 × s)
= Exp(a + b × 604 – 2 × s)
= Exp(2.3073 + 0.0004 × 604 – 2 × 0.1220)
= Exp(2.3182)
= $10.16
March 26, 2024 calculations
Top border of price channel:
Exp(Y1,225)
= Exp(a + b × X1,225 + 2 × s)
= Exp(a + b × 1,778 + 2 × s)
= Exp(2.3073 + 0.0004 × 1,778 + 2 × 0.1220)
= Exp(3.3015)
= $27.15
Bottom border of price channel:
Exp(Y1,225)
= Exp(a + b × X1,225 – 2 × s)
= Exp(a + b × 1,778 – 2 × s)
= Exp(2.3073 + 0.0004 × 1,778 – 2 × 0.1220)
= Exp(2.8137)
= $16.67
Description
- The primary trend is increasing.
- The growth rate of the primary trend is 16.65% per annum.
- CNX price at the close of May 13, 2024 was $23.47 and was inside the primary price channel.
Secondary Trend
Start date: January 10, 2024
End date: April 29, 2024
a = -1.0065
b = 0.0023
s = 0.0290
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × 0.0023) – 1
= 133.41%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.0290) – 1
= 12.32%
January 10, 2024 calculations
Top border of price channel:
Exp(Y1,173)
= Exp(a + b × X1,173 + 2 × s)
= Exp(a + b × 1,702 + 2 × s)
= Exp(-1.0065 + 0.0023 × 1,702 + 2 × 0.0290)
= Exp(3.0041)
= $20.17
Bottom border of price channel:
Exp(Y1,173)
= Exp(a + b × X1,173 – 2 × s)
= Exp(a + b × 1,702 – 2 × s)
= Exp(-1.0065 + 0.0023 × 1,702 – 2 × 0.0290)
= Exp(2.8879)
= $17.96
April 29, 2024 calculations
Top border of price channel:
Exp(Y1,248)
= Exp(a + b × X1,248 + 2 × s)
= Exp(a + b × 1,812 + 2 × s)
= Exp(-1.0065 + 0.0023 × 1,812 + 2 × 0.0290)
= Exp(3.2596)
= $26.04
Bottom border of price channel:
Exp(Y1,248)
= Exp(a + b × X1,248 – 2 × s)
= Exp(a + b × 1,812 – 2 × s)
= Exp(-1.0065 + 0.0023 × 1,812 – 2 × 0.0290)
= Exp(3.1434)
= $23.18
Description
- The secondary trend is increasing.
- The growth rate of the secondary trend is 133.41% per annum.
- CNX price at the close of May 13, 2024 was lower than the bottom border of the secondary price channel by $0.48 (2.00%). This indicates a possible reversal in the secondary trend direction.