Coal stocks were hit with selling pressure after the TVA announced the closing of eight coal-fired power plants. The 60-minute P&F chart shows BTU breaking Quadruple Bottom support and sporting a downside price objective of 18.65. Note that chartists can change the period settings and price fields underneath the chart. You can read all about P&F charts in our ChartSchool.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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