Price moving to supply $5.60 , i missed the buy in at $5 so going to wait see if it falls bacl to $5.30 or so should be a decent buy. Strong fundamentals.
Several technical indicators showing weakness in Yancoal including being 1-2 standard deviations above trend in a log regression channel, a head and shoulders pattern on the weekly chart, bearish divergence both on the RSI and stochastic oscillators as well as more fundamental data including AUD strength off the back of high and persistent Australian domestic inflation.
Looks like a very good asymmetric setup at 6.71 entry and with a juicy dividend coming your way. I can't see how this train could possibly be de-railed in 2023 even with intervention in the energy markets (and now with less La Nina events). Everyone dreams that their stocks might oneday be the cash machines that YAL actually is right now. Incredible results.
Just while we are on the Coal theme with the success of Whitehaven, YAL is looking like it might be at a better value area especially if we get a bounce from here.
Watching to see which way it heads.
Yancoal ASX:YAL is the largest pure-play coal miner in Australia. They have a secondary listing in Hong Kong HKEX:3668 .
The shares rank equally and pay largely the same net dividends (2021 Australian dividend was fully non-franked). So, they ought to trade at the same price.
Today, 3668 is trading at close to 10% discount.
ASX:YAL
Trend observed on the 4H and looking to trade in the 1H.
• Long position, conservative target well below next resistance level.
• Currently in the low volume profile zone i.e. not much volume traded previously in this region.
• short term and long term EMA trends (daily) both bullish.
• ADX (daily) is showing strong trend strength (above 25).
• Coal...
just a quick comparison of ASX coal stocks. while much of the price movement is due to commodities prices, the differing levels of resources, expansion plans and exploration proving resources explains much of the chart movements.
Yancoal looking parabolic. strong volume profile supporting price action. waiting to see whether this continuation sticks. Monthly MACD has been coiling for a very long time. YAL is a massive producer of Aussie coal.
YAL has been getting very well supported on the 200SMA and the consolidation is probably gathering energy to push higher. With MACD Bullish Cross as a confluence, I am bullish YAL and expecting it to move higher in the next few trading sessions. My trade plan is as follows:
TP1 - $2.45 (potential gain 7%)
TP2 - $2.55 (potential gain 11.5%)
Stoploss -...
