Its very encouraging to see the strong volume behind this uptrend. It only takes a tiny rotation into the coal sector to have a huge impact on volume & prices. BTU is not even considered a Large Cap at this point ($10B+)
Nice break out in a green market - so this market movement is helping BTU stay above $18.
ANR is up 10% today so I expect atleast a 4% gain for BTU, but I think we can head up towards 6% once the sellers dry up.
Charts look promising for another coal rally. Above 17.60 would have been good, but I looks like the overall markets will drag BTU back down.
There is great support in the mid 15s after the 'failed breakout' below back in late June. We will get above $18 again very soon and have to hope we can get a chance to test $21 again. Then its 'breakout' time to the mid 20s.
Coal sector is oversold and working on consolidating. Its not the coal boom it once was in the US, but the rest of the world is still increasing usage and BTU is poised to profit from that.
We did hit the 200DMA but bounced off that too, that 17.50 hurdle will be hard to clear - but it could happen early next week if we get a strong close today in the 17.25 area.
Strong resistance, but if the big guys want to clear it, it will happen.