Follow up to this post - The daily chart did give a buy entry with the breakout over $4.50, however it was short lived and appears to be another false move. Broken support levels now suggest new lows will be seen in coal. Weekly chart also very bearish. I am still in the camp that the risk is mainly to upside in this sector, however as of now it's dead money and...
No long position yet, but coal is looking like it could be setting up for a move higher. Looking at charts of coal stocks over the past 5 years shows plenty of false breakouts and a reverse lower.
The difference here is we've recently seen a good amount of false breakdowns and continued basing without moving substantially lower. This sort of action demonstrates...
Arch Coal (ACI) setup for Buy @ $4.59. target $6. First resistance $4.80. Disclosure, OptieAcademy has not yet a position, although looking for nice buying opportunity.
This bullish diamond bottom may give this stock 50% upside move next 15 weeks. Though Volume was not above average Friday, no question Thursday was above average and we saw follow through Friday. I am not long but would love to initiate a long position if price either pulls back or opens flat Monday. If you decide to take a long position, please, make your stop...
