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...
Descending Broadening Wedge or a Megaphone structure
I think the price is breaking out with the breakout being the right shoulder of an inverted H&S structure
This breakout finishes the megaphone/wedge structure
Bullish on this Weekly
Coal stock in a strong uptrend with consolidation on lower volume
Entry on ARLP at 21.31 1/4 size, look to scale in to 100 shares if price moves lower, will cut below 200 Day Moving Average, I'm using a 2x ATR on the daily which is around a 1.76 stop loss. 1st PT is 25.40 (Daily Pivot) then measure moved.
could be a good pullback trade... came back to the pivot on lower vol.. will watch it intraday to see if it can set up and maybe get a really low risk.. it either works or stopped out quickly..
#ARLP breaking through key resistance which was support before. Keeping tight stop loss as the chances of this going upside is good. Stop loss is pointed out on the graph. Coal is in high demand as many countries use it for their energy needs.
Went long starter on ARLP shares and APR 15 Calls seeing some volume.
Nice breakout of falling wedge looking for $15.8 / $16 zone in coming month
Stop loss $13
Nice 5 wave impulse done and dusted. We are going to correct on that now. Now in early phases of Wave A with plenty more time to collapse. What determines market action is not some announcement or some promise somewhere. It is purely determined by group psychology. This is a different entity to that of an individual's psychology. It follows rules that govern all...
ALLIANCE RESOURCE PARTNERS, L.P
first of all, I'm sorry to publish this late but still possible to final target reachable after crossing the point of $12
the possible targets are $12.50 then $12.90
final target $14.10
Goodluck.
Alliance Resource Partners (ARLP)
ALRP produces and markets coal to enterprise and industrial consumers in the U.S. The company has coal mines in Kentucky, Maryland, Indiana, Illinois, and West Virginia. ALRP’s stock has gained 91.3% over the past six months to close yesterday’s trading session at $6.12.
The company recently opened a new mining operation in...
