Coal Stocks Lose Some Of Their BTU
This morning, the leading coal stocks started the morning very strong. Since the gap higher open, many of these leading coal stocks have pulled back off their early highs. This industry group looks to have started the morning higher after a pipe broke in the Yellowstone River that was owned by Exxon Mobil Corp.(NYSE:XOM). Exxon Mobil stock has recovered most of its early losses that were made at the open.
Peabody Energy Corp. (NYSE:BTU) is the leading coal stock in the stock market. This stock gapped sharply higher before the opening bell. The stock is trading higher by $1.11 to $60.54 a share. The stock will have intra-day resistance around the $61.00 level which was the morning high. Should the stock pullback and decline traders should watch for short term intra-day support around the $60.00, and $59.50 levels. Both support areas could see small intra-day bounces.
Alpha Natural Resources Inc. (NYSE:ANR) is another leading coal stock and energy leader. This stock has declined into negative territory after starting the morning higher. Traders can look for short term intra-day support around the $45.85 level. Should that support level fail to hold traders can look at the $45.00 area as the next important intra-day support level.
Patriot Coal Corp. (NYSE:PCX) and James River Coal Co. (NASDAQ:JRCC) are two other leading coal stocks that have faded from the gap higher open. PCX stock will have some minor intra-day support around the $22.55 level. JRCC stock will have short term intra-day support around the $20.70 level.