A small cap stock that is not on our regular watch list, but quite interesting nevertheless. The energy sector is looking increasingly bullish for the near term with coal and gas being particularly interesting. CLD has found considerable support around the weekly 76.4% retracement (@2.87) while the daily chart has recently set a new higher base. We expect a rally above 3.45 and the start of a move towards roughly 4.80 before running into some resistance.
On the longer term a recovery towards the pivots at ~7.50 cannot be excluded. With stops below 3.00 risk/reward is certainly good enough for some buying. Keep in mind the relatively small market cap.
NYSE:CLD
On the longer term a recovery towards the pivots at ~7.50 cannot be excluded. With stops below 3.00 risk/reward is certainly good enough for some buying. Keep in mind the relatively small market cap.
NYSE:CLD
Trade closed: target reached