Patriot Coal

Another coal stock that looks poised to break out is Patriot Coal ( PCX). This company is a producer of coal in the eastern U.S., with operations and coal reserves in Appalachia and the Illinois Basin. Traders should watch for a move above $26.25 and $29.20 a share. If the stock can trade above those levels, then it could set up to make a run towards its next significant resistance level at $40 a share.

Patriot Coal also shows up on the coal-stocks-with-upside list. It's one of the Bill Gates' Cascade Investment.

To see more breakout candidates, including First Solar ( FSLR), Joy Global ( JOYG) and Synthesis Energy Systems ( SYMX), check out the Breakout Stocks of the Week portfolio on Stockpickr.

-- Written by Roberto Pedone in Winderemere, Fla.


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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to and maintains the website, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.

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