[BULLISH]: Whitehaven Coal has formed a new Shooting Star pattern.
This pattern consists of a white body followed by an Inverted Hammer that is characterized by a long upper shadow and a small body. It is similar in shape to the Bullish Inverted Hammer pattern but unlike it the Shooting Star appears in an uptrend and signals a bearish reversal.
Calculation: Shooting Star Candlestick Pattern:
1) The market is characterized by a prevailing uptrend;
2) The first day of the pattern is a white candlestick;
3) On the second day a small body at the lower end of the trading range is observed. Colour of this body is not important;
4) The upper shadow of this second candlestick should be at least twice as long as the body;
5) There is (almost) no lower shadow;
PROFILE: Whitehaven Coal (WHC.AX)
Stock Exchange: ASX
Company: Whitehaven Coal
Ticker Codes: | WHC.AX | ASX:WHC |
Whitehaven Coal Limited develops and operates coal mines in New South Wales. The company operates through Open Cut Operations and Underground Operations segments. It operates five mines in North West New South Wales; four open cut mines at Maules Creek, Werris Creek, Tarrawonga, and Rocglen; and one underground mine at Narrabri. The company offers thermal coal and metallurgical coal used in the production of steel. As of August 17, 2017, it had approximately 974 million tons of recoverable coal reserves; and 862 million tons of marketable coal reserves. The company sells its coal primarily in Japan, Taiwan, India, Korea, China, Chile, Malaysia, Vietnam, Noumea, Indonesia, Australia, and Mexico. Whitehaven Coal Limited was founded in 1999 and is headquartered in Sydney, Australia.
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