NHC down almost 19% in 13 trading days. Down 14% in last 9 trading days. 9 straight days off a cliff.
I'm no chartist, but most that say they are just draw lines anyway. I have drawn my own here. Take with a grain of salt. In my opinion, if the NHC doesn't bounce off 523-524 it's likely to go to 480. After that not even a chartist will know - don't care what they say.
Of course, there are factors like spot price (even though NHC has forward contracts), USD/AUD exchange rate, today's interest rate decision (even though it has little impact on NHC other than borrowers in general and borrowers in stocks. There is thermal coal demand but China is suppressing prices (see link below) so I am expecting the coal price to move higher over the next month. We just don't know where the bottom is. There is also the price of oil that has a big impact on thermal coal prices. The higher oil goes the higher TC price goes.
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