Peabody Energy, Inc. is the largest private sector coal company in the world. It mines, sales and distributes coal to such major markets like electricity generation and steel making. Founded in 1883, the company has its headquarters in St. Louis, Missouri, USA. Being part of the Russel2000 index, one can trade it under the ticker $BTU at the New York Stock Exchange. Currently, we see the ongoing price appreciation within the energy commodities like oil, gas, uranium, coal and others. Consequently, coal mining companies are expected to turn higher as well. Therefore, investors in the energy sector obtain a good diversification opportunity by investing in the largest private coal miner in the world.
Peabody Energy Weekly Elliott Wave Analysis 07.03.2021
The weekly chart below shows the Peabody Eneregy shares $BTU traded at NYSE. First, the stock price has developed a cycle higher in blue wave (I) of super cycle degree. It has printed theĀ all-time highs in JuneĀ 2018 at 47.84. From the highs, a correction lower in blue wave (II) has unfolded as an Elliott wave zigzag pattern. It has printed an important bottom in November 2020 at 0.80. As a matter of fact, the stock price has lost 98% of its value in only 2.5 years.
From November 2020 lows, a new cycle in wave (III) has already started and should extend towards 47.84 highs and beyond. Then, the target for wave (III) will be towards 48.53-78.07 area and even higher.
Peabody Energy Daily Elliott Wave Analysis 07.03.2021
The Daily chart below shows the $BTU shares price action in more detail. The stock can be in the early stages of the red wave I of the blue wave (III). Right now, one can see a nesting action. Indeed, black waves ((1)) and ((2)) have ended. While above 2.61, wave ((3)) is in progress. Hereby, blue wave (1) is now being corrected within wave (2) lower. Then, expect more upside in wave (3) of ((3)).
At current prices, Peabody Energy presents a great opportunity for investors to enter the coal mining market. One should be looking to buy pullbacks from extremes in 3, 7, 11 swings expecting the stock to reach towards 48.53-78.07 area and even higher in the long view.
Source: https://elliottwave-forecast.com/stock-market/peabody-energy-turns-higher/