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Nearest Resistance: $9
Nearest Support: $6.50
Catalyst: Romney Policies
>>3 Stocks Under $10 Making Big Moves
Coal stocks are getting a lot of attention this week, shaking off big bank downgrades and a correcting market to rally following the latest comments from the election circuit. Following comments from Mitt Romney that clean coal power is a better energy strategy than Barack Obama's focus on clean fuels, scores of coal stocks are pushing higher. One of them is
Alpha Natural Resources(ANR - Get Report), a firm that's up more than 13% as I write on follow-through from the news.
A big part of ANR's upward trajectory has come from the technicals. This stock has been dropping like a rock for much of 2012, hammered lower by the drop in coal prices that's challenged coal firms' profits. But shares started showing signs of a bottom back in late July, and they've been consolidating ever since.
This latest move higher sets the stage for a breakout above $9 resistance in the next week. If that happens, I'd recommend being a buyer of ANR whatever your political affiliation may be.