$CEIX Broke out of its base since 2018! Can it go higher?
Notes:
* Very strong up trend since October 2020
* Not the best earnings track record
* Broke out of its base that was forming since 2018 with higher than average monthly volume
* Retested that broken resistance several times on the monthly chart and bounced bullishly
* Formed a double bottom in the past couple of months
Technicals:
Sector: Energy - Thermal Coal
Relative Strength vs. Sector: 2.65
Relative Strength vs. SP500: 2.41
U/D Ratio: 1.17
Base Depth: 37.71%
Distance from breakout buy point: -5.22%
Volume 54.62% above its 15 day avg.
Trade Idea:
* Yesterdays session was quite bullish and isn't offering a low risk entry.
* Since the volume was high, we might be able to get in at yesterdays closing price and it may just move higher from here
* If you're looking for a better entry, the 54.04 area seems like a nice entry as it's a level of resistance that should act as support moving forward
* This stock usually has local tops when the price closes around 36.06% above its 50 EMA
* Consider selling into strength if the price closes 35.86% to 36.26% (or higher) above the 50 EMA...
* The last closing price is 14.44% away from its 50 EMA
* Very strong up trend since October 2020
* Not the best earnings track record
* Broke out of its base that was forming since 2018 with higher than average monthly volume
* Retested that broken resistance several times on the monthly chart and bounced bullishly
* Formed a double bottom in the past couple of months
Technicals:
Sector: Energy - Thermal Coal
Relative Strength vs. Sector: 2.65
Relative Strength vs. SP500: 2.41
U/D Ratio: 1.17
Base Depth: 37.71%
Distance from breakout buy point: -5.22%
Volume 54.62% above its 15 day avg.
Trade Idea:
* Yesterdays session was quite bullish and isn't offering a low risk entry.
* Since the volume was high, we might be able to get in at yesterdays closing price and it may just move higher from here
* If you're looking for a better entry, the 54.04 area seems like a nice entry as it's a level of resistance that should act as support moving forward
* This stock usually has local tops when the price closes around 36.06% above its 50 EMA
* Consider selling into strength if the price closes 35.86% to 36.26% (or higher) above the 50 EMA...
* The last closing price is 14.44% away from its 50 EMA
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