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Patriot Coal(PCX), 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 11.9% to $8.64 in recent trading.
Today's Range: $7.51-$8.76
52-Week Range: $6.92-$27.56
Volume: 13.4 million
Three-Month Average Volume: 6.6 million
Shares of PCX are ripping higher today after the company reported a fourth-quarter loss and idled a West Virginia mine, saying demand was weak and it would leave its highest-quality coal in the ground until conditions improve.
From a technical standpoint, PCX are bouncing big today on huge volume off a near-term support level at $7.50. Market players should now look for continued upside if PCX can take out its 50-day moving average of $8.78 on strong volume.
It looks like the stock is going to challenge that level today, and volume is very strong. If we get that action, then look for PCX to trigger its next big breakout if the stock can move above $8.93 to $9.59 on strong volume.