Coal Stocks Are Not Looking So Hot
This morning, all of the leading coal stocks are coming under some mild selling pressure. This sector continues to trade below the important daily chart 50 moving average, this puts the sector in a weak technical position. Traders can look at how the Market Vectors Coal ETF (NYSEARCA:KOL) has under-performed the major stock indexes and the rest of the energy sectors. Traders can watch for intra-day support on the KOL around the $33.20, and $32.25 levels.
Some leading coal stocks that are declining this morning include Peabody Energy Corp (NYSE:BTU), Alpha Natural Resources Inc (NYSE:ANR), and James River Coal Co (NASDAQ:JRCC). All of these daily charts still remain weak. Should these stocks rally in the month of January the upside should be limited.