Are The Coal Stocks Catching A Spark
This morning, the major stock indexes are coming under some selling pressure. Traders and investors seem to be selling most leading stock sectors, however the coal sector is actually bucking the trend today by trading higher on the session. One of the leading coal stocks that are showing strength today is Peabody Energy Corp (NYSE:BTU). Today, BTU is trading higher by 0.32 cents to $20.09 per share. Short term traders should watch for intra-day resistance around the $20.21, and $20.64 levels. The daily chart for BTU is still in a down trend by trading below the important 50, and 200-day moving averages.
Some other leading coal related equities that are trading higher today include Arch Coal Inc (NYSE:ACI), Alpha Natural Resources, Inc. (NYSE:ANR), Walter Energy Inc. (NYSE:WLT), and James River Coal Company (NASDAQ:JRCC). All of these stocks remain weak on the charts at this time. They are all very oversold so traders should continue to look for bounces in this sector. Should the major stock indexes trade off of the lows the coal stocks could see further upside throughout the day.