Many of the talking heads in the financial media are now looking for coal stocks to rally higher from here. This important stock sector has been one of the worst market performers in 2012. At this time, the Market Vectors Coal ETF (NYSEARCA:KOL) looks to be making a long three month bearish base. This tells us that leading coal stocks should have at least one more decline over the next few months. The current rally in the coal stocks looks to be nothing more than a dead cat bounce. Traders can watch for a more significant bottom in the coal stocks after another decline, until that occurs traders should remain cautious and short term when trading this sector.
Some of the leading coal stocks that are susceptible to declines include Peabody Energy Corp (NYSE:BTU), Arch Coal Inc (NYSE:ACI), and Alpha Natural Resources Inc (NYSE:ACI). All of these stocks look to be trading in tandem with each other. The current daily chart trend for most of these leading coal stocks remains down at this time.
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Coal Stocks Should Get Roasted One More Time
Published 08/21/2012, 01:24 AM
Updated 07/09/2023, 06:31 AM
Coal Stocks Should Get Roasted One More Time
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