ARCH COAL - ACI
Monthly chart remains bearish with price well below all key moving averages. No buy signal/pattern evident on this timeframe.
Weekly chart remains bearish with price well below all key moving averages on this timeframe. No buy signal/pattern evident at this time.
Daily chart shows bullish gartley butterfly pattern in place. Need to look to next week's trading activity to see whether buyers found short term support with Friday's trading session. IF we get upside traction early next week, THEN look for upside tgts: of $17.67, $18.98 and possibly $19.77. This is looking like a consolidation wave, so would be prudent to take short term profits or use trailing stop. IF this is indeed a small consolidation wave, THEN look for sell signal to enter short if one does not take the long trade.
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