Patriot Coal (PCX) is a producer of thermal coal in the eastern United States, with operations and coal reserves in the Appalachia and the Illinois Basin coal regions. This stock is trading up 14.9% to $1.23 in recent trading.
Today's Range: $1.06-$1.2652-Week Range: $1.02-$24.99 Volume: 6.3 million Three-Month Average Volume: 9.5 million From a technical perspective, shares of PCX are bouncing hard here right off its 52-week low of $1.02 with decent volume. This bounce today is coming after shares of PCX have plunged from its April high of $6.97 to that 52-week low of $1.02. That massive selloff has created an extremely oversold condition, since PCX has traded with a relative strength index reading of below 30 for over a month. Oversold can always get more oversold, but traders should now look for long-biased trades as long as PCX holds that low of $1.02. The next breakout trade for PCX will trigger once it takes out some near-term overhead resistance at $1.40 with high volume. Look for a sustained move or close above $1.40 with volume that's near or above 9,478,000 shares. If we get that action soon, then PCX has a great chance of re-testing and possibly taking out its next major resistance level at $1.61. If that $1.61 level then gets taken out with volume, look for PCX to hit $2 to $2.50. To see more stocks under-$10 that are making notable moves higher today, check out the Stocks Under-$10 Moving Higher portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.
Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV