Recently Coal related stocks had some movement like Geo Energy and blackgold natural. We’ll be watching Golden Energy for this round.
What we like is that the base has been tested twice at around 0.36 and started to move and even breaking the downtrend line we drew. It is currently resisted by the 0.42 horizontal line but we might see it break through it in the coming days. The moving average are starting to slope up too.
Our entry would be 0.42 on wards with a stop loss of either 0.40 or 0.36. Golden Energy looks more like a swing trade so we’ll take it nice and slow. The rebound target ultimately could be at 50 cents.