ANR, BTU - coal sector on the slide again

Whilst the main indexes closed largely flat, the coal sector was especially weak, with leading stocks Alpha Natural Resources (ANR) and Peabody Energy (BTU) falling by 3.9 and 2.3% respectively. Near term trend offers some way lower yet to go, not least if the main indexes finally do retrace back to the sp'1440s.


ANR, daily

BTU, daily

Summary

BTU is clearly weaker than its smaller rival of ANR, and the break of the rising support from the July lows is pretty significant. The first big target is the big $20 level.

The coal sector remains one much maligned by most western governments, which is ironic, considering coal is one of the largest energy sources available.

The mining sector is usually the one least affected by finance TV 'cheer leader' hysteria, and thats just one of the reasons I respect it the most.