BTUCL trade ideas
$BTU on Edge of Bullish ChannelCoal stocks have been getting hammered in last few months after the blow-off top in price last year however there's been a recent uptick in response to the Indonesia coal export ban.
BTU is sitting on the edge of the bullish channel with 20 and 50 day EMA converging, will it maintain the bullish channel or will it puke and fall over?!
Only time will tell.
Textbook fake out breakoutBTU trying to trap longs with a very small trend channel breakout? I am calling a fake out breakout on this so I'll secure my gains! plus 7%+ on shares in a few days isn't bad anyways. looking for a entry at 13.8-14.5 again, with conservative stop loss at 13.3. price target 16-17 like last time. good luck as always :) like and follow for more <3
BTU - Expect Longer term upsideBTU has now burst above it's inverted H&S target (@ 9.80) and the uptrend is looking intact. Some retracement in the near term could happen, but should not breach (prior resistence-turned-) support zones @ 9.50 to 10.00.
Looking at the next target of around 14.50-15.00, however expect some volatility during Earnings release in early August.
Stop loss is now @ 9.40
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)