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Coal Stocks Heat Up. Much Upside Left?

Published 09/11/2012, 01:21 AM
Updated 07/09/2023, 06:31 AM
NDX
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ALHAP
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BTUUQ
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ARCH
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KOL
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JRCC
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NOTE
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Yesterday morning, most of the leading coal stocks were rallying higher on the session. This important sector made a short term bottom last week when the European Central bank announced their unlimited bond buying program. China also announced that they would begin to build new roads and this is certainly a positive for the coal stocks. The Market Vectors Coal ETF (NYSEARCA:KOL) traded higher by 0.28 cents to $23.71 a share yesterday. Last week, the KOL traded as low as $21.49 a share. Traders should watch for strong resistance around the $24.85 level on the daily chart. Short term traders can watch for intra-day resistance around the $24.00 level.

Some other leading coal stocks that traded higher yesterday included Peabody Energy Corp (NYSE:BTU), Alpha Natural Resources Inc (NYSE:ANR), Arch Coal Inc (NYSE:ACI), and James River Coal Co (NASDAQ:JRCC). It is important to note that all of the stocks in the sector are trading together at this time. BTU stock is considered to be the leading stock in the sector.
KOL

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