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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-$1.26
52-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.