CNX Resources $CNX stock confirmed a symmetrical triangleThe symmetrical triangle pattern is one of the most popular chart patterns in the world of technical analysis. This pattern is a result of the convergence of two lines that form a ... 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.
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 Resources $CNX Stock Technical Analysis
CNX Resources $CNX stock is in a technical weak uptrend. The stock is in an uptrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... pattern with a positive MACDThe MACD indicator is essentially a momentum indicator that shows the relationship between two different moving averages of price. The MACD is the difference between the 12-period ... and positive money flow. We see several bullish chart patterns, like an Ascending TriangleAn ascending triangle chart pattern is a chart pattern used in technical analysis that is characterized by a flat upper trend line... breakout and an Inverted Head and Shoulders bottomThe inverse head and shoulders pattern is a chart pattern that traders look for when trying to identify potential reversals in the trend of a security. It consists of three troughs.... We drew several bullish patterns on the stock chart. See how many you can find.