Coal has likely bottomed

I talked about coal in April, which was apparently too early. But the rationale I laid out then are still valid. I don't believe coal is dead and will not pick up again in demand. Actually the recent economic data from China start to look promising again, which will further support the increasing demand of coal. I have seen news that the coal prices in the past month have finally jumped high and there are many indicators suggesting the demand for coal is truly picking up. Looking at the chart below. You may notice the ETF for coal (KOL) has been range bounded between 22 to 26 in the past half year, a very clear bottoming range. If KOL can break through 26 and hold, I will be very confident that the new bull run for KOL has finally come. If so, I will be interested in the coal companies such as BTU or ACI.