Take Some Profit in ARLP
Alliance Resource Partners (ARLP) is now up 12% from our initial entry point as of Wednesday, which means it’s time to take some profit off the table per the rules of our trading discipline.
ARLP has been one of the few standouts in an otherwise weak market as coal prices surge around the world (forming what one analyst called a “space needle pattern”) in response to the recent natural gas crisis in Europe. Consequently, many industry experts foresee shortages and sky-high energy prices persisting until at least 2024.
I’m recommending that traders take 50% profit in ARLP and raise the stop-loss on the remaining position to slightly under 19 (closing basis) where the 50-day line currently resides. SELL A HALF