Chart of the Day: KOL
Resistance Level: $25.85
Trading Coal Stocks
This morning, all of the leading coal stocks are climbing higher on the trading session. The catalyst for this move higher in coal comes from the soaring Shanghai Index (China). The Chinese use and consume a lot of coal for energy. Last night, the Shanghai Index (China) finished higher by 4.34 percent. Over the past nine trading days the Shanghai Index has rallied higher by more than 10.0 percent. This is a dramatic rally and it will generally help to lift many sectors such as the industrial metals and coal stocks.
Today, the Market Vectors-Coal ETF (KOL) is trading higher by 0.31 cents to $25.20 a share. The daily chart of KOL shows resistance around the $25.85 level. Short term traders should watch for intra-day resistance around the $25.50 level. Some leading coal stocks that are trading higher today include Arch Coal Inc (ACI), Peabody Energy Corporation (BTU), Alpha Natural Resources Inc (ANR), and James River Coal Company (JRCC).