CRN is a low-cost metallurgical coal producer based in Queensland and Virginia in the US.
“The company is in a solid financial position due to a strong balance sheet and an expectation of higher coal prices in 12 months from now,” Michael said.
“The chart of CRN is also indicating that the share price should head higher from here.
“The decline across May-July appears to be over now, with CRN nicely pushing higher in August and then holding in well these past few weeks to consolidate that early-August rally. “This consolidation appears to be ending and CRN is starting to get back into an uptrend here.
“Assuming that CRN can hold here above $1.70, then we would consider that these levels are a buying opportunity and CRN should start to move higher from here,” Michael said.
Coronado Global Resources Inc (CRN)
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