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Patriot Coal(PCX), together with its subsidiaries, is a producer of thermal coal in the eastern U.S., with operations and coal reserves in the Appalachia and the Illinois Basin coal regions. This stock is trading up 14% to $9.91 in recent trading.
Today's Range: $9.32-$10.07
52-Week Range: $6.92-$29.20
Three-Month Average Volume: 7,722,710
From a technical standpoint, this stock is starting to bounce big today off of extreme oversold levels. Just a few trading sessions ago, the RSI reading for PCX hit near 30, which indicates an oversold condition.
Market players should now watch for the next buy point to trigger once PCX can clear its 50-day moving average of $10.02 on high volume. Look for a sustained move and close over $10.02 on volume that's tracking in close to or above 7,722,710. If we get that action, then look for this stock to quickly challenge $12.50 to $13.50 in the near future.
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