W is For Westmoreland
- Posted by Greg Harmon
- on September 25th, 2012
Most people know that my mantra for at least the last 7 months has been, “Coal Still Sucks.” You can see the whole series of articles on it below. Maybe I am just tired of coal stocks being down all the time, or maybe the change in the temperature is getting to me, but one name appears ready for a move on multiple timeframes, Westmoreland Coal, $WLB.
Westmoreland Coal, $WLB, Daily
on the daily chart above you can see the ‘W’ bottoming pattern with the next resistance up at 11.50 followed by 12.50. A move over 10.25 triggers a long entry. The Relative Strength Index (RSI) is bullish and along with the positive Moving Average Convergence Divergence indicator(MACD) both support more upside. But I said multiple timeframes. The weekly chart below shows price breaking the downtrend resistance and showing some signs of consolidation. It has a RSI that is trending higher and a MACD that is positive and rising. This timeframe adds resistance at 13.50 and then 18.20. Rounding out the scene the 3-box reversal Point and Figure chart (PnF) carries a price objective of 16.50. Maybe its time to get ready for winter.
Westmoreland Coal, $WLB, Weekly
Coal is Not Fueling This Market 2-14-12
Coal is Not Done Bottoming 3-22-12
Coal Still Sucks! 8-3-12
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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