At a reasonable support area and indicators look like it has been oversold. This used to be a $6 stock so plenty of potential upside if it does indeed recover. Around 35% to its recent high shown on the chart. Investors might have been recently spooked by the current Climate Change meetings happening with world leaders but coal will still be around for a while.
Worth a watch.
הערה
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Broke through that first level of support, but has been kept up by the next level.
20 day MA moving average coming down so I've added an alert on that and will revist when it crosses just to give it a bit more time.
Could also be a potential head and shoulders forming. Left shoulder and head has been completed.
zAngus
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@bencameron21, could be. Its just a matter of moving your stops up once it gets to that mid shoulder type position and exit if it does indeed reverse back down again.
Ravi2409
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or it could just crash through it :') its because I took the trade, sorry guys
zAngus
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@Ravi2409, oof. That hurts. Big drop. No company news. I had a read of HotCopper and they are mostly still bullish on it. Seems to have been in reaction to some statements out of China around Coal prices.
Ravi2409
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@Angusmck, it's narrowly missed my stop so far so I'm going to hold, if it recaptures that level from a daily chart perspective we could be in for a short squeeze
@Ravi2409, No I didnt take the trade. I had an order sitting there if it went up 1% the next day which it didnt.
Ravi2409
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@Angusmck, glad I didn't sell, I like the look of it now even more since it recaptured that support level with a hammer
zAngus
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@Ravi2409, yeah I think give it time. I just jumped on VUL at $13.07 that had a similar beatdown. If I had any spare change I'd be looking at Whitehaven as well I think.
Ravi2409
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@Angusmck, oooof, wish i saw that VUL drop, I had the support level marked and if I had of been watching I would have nailed the bottom.