RNO (Rhino Resource Partners) will trigger a long entry on a break above the descending price channel as shown on this 60 minute chart. RNO was a recent Growth & Income Long-term Trade that was stopped out on a weekly close below the larger falling wedge pattern shown on the 2-day period chart below. All posts associated with that trade have been moved to the Completed Trades category and RNO will now be added back as a new long setup (a swing trade most likely lasting anywhere from 1 day to a few weeks) with an entry to be triggered on a breakout of the 60 minute descending channel (complete with bullish divergences in place). Stops TBD upon entry.
Regardless of the recent sharp sell-off in this high-yielding coal stock, RNO may still offer an objective longer-term swing trade entry if prices break above this steep descending channel and then manage to move back above the base of that larger falling wedge pattern. The volume surge on the recent break below the bottom of the wedge may indicate a selling climax as well as a bear-trap, should prices move back well above the larger pattern in the upcoming days/weeks. If so, an entry based off this shorter-term pattern could potentially morph into a longer-term trade with additional price targets to be added but for now we’ll just have see if we get some decent technical evidence of a potential trend reversal in the stock.