Whitehaven Coal Limited (ASX:WHC) is a coal mining company with projects located in the Gunnedah Region of New South Wales. The company operates three open cut mines near Boggabri.
Since September 2007 the stock has been moving on a long-term slightly bullish trend. The price action is well backed by a support line that acts as a key level. This month the stock has declined to this support but there are good reasons now to anticipate a rebound towards higher levels.
How do we identify there is a long-term bullish trend? Well, as the price action has been posting higher lows for a year, the main direction is on the upside. Those higher lows constitute a support line which has a positive slope.
