Currently, the position of NCF1! or Newcastle Coal is within wave 5 of wave (C) of wave [Y], indicating that Newcastle Coal remains vulnerable to further corrections toward the 86.55–96.15 range, as represented by the black labels.
A similar pattern is observed in the red labels, where Newcastle Coal is also nearing the completion of wave (5) of wave [A].
We observe continued pressure on coal demand due to weak consumption and oversupply, as many countries are increasingly investing in renewable energy sources amid slower global economic growth.
A similar pattern is observed in the red labels, where Newcastle Coal is also nearing the completion of wave (5) of wave [A].
We observe continued pressure on coal demand due to weak consumption and oversupply, as many countries are increasingly investing in renewable energy sources amid slower global economic growth.
Trade active
Pay close attention to the next movement, as coal remains vulnerable to further correction. The nearest correction target at 96.15 is expected to be reached soon.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.