CNX Resources $CNX Dark Pool Buying After New Frontier Partnership

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CNX Resources $CNX stock confirmed a symmetrical triangle breakout on November 11, 2022, after unusual dark pool trading was detected in the stock.

Unusual Dark Pool Trade In CNX Resources

An unusual dark pool trade occurred in CNX Resources stock on November 11, 2022. The large dark pool trade was valued at $14 million. We think the dark pool trade was buying because of how $CNX stock rose following the trade hitting the tape.

CNX Resources stock chart on November 11, 2022, with unusual dark pool trade shown with orange bar.

Make sure to review this lesson on dark pool trading so that you understand the chart above.

A narrative emerges that the unusual dark pool buy order was an institutional investor increasing its long position in $CNX stock on news of the company’s partnership with New Frontier.

CNX and New Frontier Announce Strategic Partnership

On November 7, 2022, CNX Resources and New Frontier Aerospace said that the companies have made a deal to use abated methane emissions to power net-zero ground and flight tests of hypersonic vertical takeoff and landing aircraft.

New Frontier is developing aircraft that can deliver passengers and cargo anywhere on the planet ten times faster than modern jets, while CNX is a leader in capturing and processing methane that would have otherwise been released into the atmosphere. The two companies are working towards a path to next generation air travel that is carbon neutral well before the industry target date of 2050. This vision aims to bring the world closer together with cargo and passenger flights to any destination on Earth in less than two hours, while significantly improving the environmental impact of airliners.

CNX President of New Technologies Ravi Srivastava said, “Like our recently announced partnerships with Pittsburgh International Airport and Newlight Technologies, this collaboration further demonstrates CNX’s unique combination of assets, innovative technologies, and proven operational expertise which is helping to lead the sustainable energy revolution.” Mr. Srivastava continued, “Through this agreement, we are not only abating methane emissions from being emitted to the atmosphere, but we are also transforming the way people will travel in the future in a faster, more environmentally sustainable manner.”

CNX will sell carbon negative methane to New Frontier at a premium to conventional natural gas. The money CNX will get from New Frontier for supplying methane will be used to expand CNXs methane capture program. The methane that CNX collects is as carbon-heavy as environmental attributes from dairy manure-derived renewable natural gas, one of the lowest-carbon gas resources available.

NFA CEO Bill Bruner said, “This agreement is a first step in moving from slow, subsonic jets that dump a billion tonnes of CO2 into the atmosphere annually to a fleet of aircraft that are ten times faster with a net carbon negative fuel source. NFA’s advanced propulsion, materials, aerothermal, and autonomous flight technologies will enable safe and affordable high-speed travel for everyone while reducing the airline industry’s carbon impact to zero.”

CNX – The Opportunity is Now

CNX - The Opportunity is Now

CNX Resources $CNX Stock Technical Analysis

CNX Resources $CNX stock is in a technical weak uptrend. The stock is in an uptrend channel pattern with a positive MACD and positive money flow. We see several bullish chart patterns, like an Ascending Triangle breakout and an Inverted Head and Shoulders bottom. We drew several bullish patterns on the stock chart. See how many you can find.

CNX Resources stock chart on November 11, 2022, with an Inverse Head and Shoulders bottom, and an Ascending Triangle Breakout, trading in an uptrend channel pattern, with a positive money flow and positive MACD.
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