Whitehaven Coal is an Australian coal miner with mines in NSW.
“Whitehaven Coal’s (WHC) share price has had a spectacular run in the past year as it more than tripled at one stage on the back of increased energy needs from Europe,” Michael said.
“However, with coal prices easing back earlier this year, we have seen the share price of WHC give up nearly half of those gains.
“Despite this, there are signs that we may be seeing a recovery again in the share price. WHC’s share price levelled out during late March – early April and upwards momentum started to pick up.
“It dipped back towards $6.50 on the day of a downgrade, but it has traded higher ever since, which is a very bullish sign.
“This means that the low share price was already pricing in a worse outcome than what the company had announced.
“We are now seeing it break higher on stronger volumes and we can be confident here that a low is now in place,” Michael said.
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