Peabody Energy (BTU) signaled an entry at the break of 18.75, but faced immediate strong resistance at 19.00. The stock did move above 19, for a little while, but dropped back below it quickly. The life-time high for the stock was made in 2008 at $88 & after that a high of 74 in 2011 & a much lower high of 30 at the end of 2012.
Since the stock has signaled an entry at the break of 18.75 it is still holding important pivots below 19. There is still some resistance at 19, but not as strong as earlier as this resistance has shifted lower to offer support to the price as of now. Minor resistance is still seen at 19 & further resistance is seen at 21.5 & 22.8.
Support for the stock is seen at 18.00 which is immediate but very important. Lower support also exists at 16.5. Breaching both these support prices will mean the end of the present up-trend, breaching the first support i.e. $18 will weaken the stock in the short term, if not end the trend.
It's to be seen if the stock will approach life-time highs within this rally, but as of now the first major target for the stock will be $30 which is also a recent high from 2012. The stock is bullish, as of now, and is also at around the same price point as when the entry signal was triggered with a very small stop-loss, hence making it a good investment option.