Coal Stocks Cannot Ignite
All of the leading coal stocks have been in a down-trend throughout 2012. This morning, many of the leading coal stocks are failing to catch a bid despite the early stock market rally. The leading coal stock that most traders follow is Peabody Energy Corp (NYSE:BTU). The stock is trading lower by 0.14 cents to $29.81 a share. Short term traders should watch for intra-day support around the $29.59, and $28.75 levels. The daily chart of BTU still remains very weak as the stock trades below the important daily chart 50, and 200 moving averages.
Some other leading coal equities that are coming under early selling pressure include Alpha Natural Resources, Inc. (NYSE:ANR), Arch Coal Inc (NYSE:ACI), and the Market Vectors-Coal ETF (NYSEARCA:KOL). All of these leading equities still appear very weak on the daily chart and are susceptible to further declines.