ANR 60 min Nov 5th
The ANR (Alpha Natural Resources) Active Long Trade is approaching the first profit target (T1 at 2.46), coming within just one cent of that level so far today. Due to the recent bullish developments in the coal sector, I am going to make T2 (2.99) the official next target with the potential for additional targets to be added, should evidence of a bottom in the coal sector continue to build. The high volume surge into and following the recent lows (viewed on the daily chart) are indicative of a selling climax in ANR but as always, the odds of a reaction around the initial tag of each target level is increased. Therefore, consider booking partial or full profits and/or raising stops, according to your trading plan, if/when T1 is hit.