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Small Cap Coal Producer Forming Coiled Bull Pennant Pattern

by | Nov 15, 2023

Arch Resources (ARCH) shares of the coal producer are trying to curl higher and nearing a breakout of the monthly value highs at 156 as the recent consolidation since the end of September starts to see momentum shift to the upside. ARCH also with its RSI popping back over the 50-level showing relative strength leading price. A close back over 156 would likely see the name target the 165 level as a first target and follow through higher could fill the open gap at 170. Last week ARCH saw an unusual buyer of 550 May $195 OTM calls for $3.70 which remain in OI. A close back below 148 under monthly value would be a stop loss point.

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