Let the Good Times Coal -- ARLP Bullish Continuation
After a 12 month, ~35% retracement, coal miner ARLP appears to be setting the stage for a continuation of the bullish trend that began in October 2020.
After ARLP found a corrective low on a partial channel retrace, a nested bullish channel emerged, breaking to the upside simultaneously with the bearish channel that contained it. Volume is expanding to confirm this theory as of now.
It's important to remember the unusually warm winter that put coal onto this corrective path. Odds are in favor of this not repeating, but time will tell how much assistance tickers in the energy space will get from Mother Nature.
Stop loss conservatively set for $18.45, but a 2/3 retrace rule would open up a little more headroom to the 18.18 level.
After ARLP found a corrective low on a partial channel retrace, a nested bullish channel emerged, breaking to the upside simultaneously with the bearish channel that contained it. Volume is expanding to confirm this theory as of now.
It's important to remember the unusually warm winter that put coal onto this corrective path. Odds are in favor of this not repeating, but time will tell how much assistance tickers in the energy space will get from Mother Nature.
Stop loss conservatively set for $18.45, but a 2/3 retrace rule would open up a little more headroom to the 18.18 level.