Penny Stock Cloud Peak Energy Inc. (CLD)
Cloud Peak Energy Inc. (CLD) came public at $14.54 in 2009 and ground sideways in a narrow range pattern into a 2014 breakdown that posted a series of new lows into the January 2016 all-time low print at 1.08. The subsequent recovery wave mounted the 200-day EMA in July, signaling a new uptrend, with subsequent price action reaching the August 2015 high at $4.79.
Look for a reversal because a 100% retracement of a prior decline signifies resistance, with the next pullback set to offer a low-risk buying opportunity.
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Cloud Peak Energy
A test at 200-day EMA support makes sense so look for the decline to target the July 29 breakout gap between $2.75 and $2.90 (red lines). A bounce starting at or near that level could generate rally momentum, lifting the stock well above the prior high and into the May 2015 high at $7.39.
Cloud Peak Energy Inc. (NYSE: CLD) is a firm headquartered in Gillette, Wyoming which mines coal in the Powder River Basin. The company was formed as a corporate spin-off from Rio Tinto Energy America in 2009.In its 2009 Annual Report Rio Tinto stated that it held a 48.3% stake in Cloud Peak Energy and its directly owned mines. Cloud Peak Energy also has a 50% stake in the Decker Coal Company, which operates the Decker Mine in MontanaClick here for reuse options!
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