Wednesday, 1 July 2015

BTU, CNX - another day of horror for coal miners

Whilst the broader market saw a day of moderate gains, there was notable weakness in energy stocks. The coal miners of Peabody Energy (BTU), and Consol Energy (CNX) settled lower by -18.3% and -3.6% respectively. The US Government's 'war on coal' continues to proceed.

BTU, daily

CNX, daily


The daily charts look dire, but seen on the bigger monthly chart... the true horror is revealed...



Even the bigger CNX broke ultimate support in June.. and is now seemingly headed for $10.. perhaps even $5.

*I have long term confidence in CNX.. although the market is highly suggestive that BTU will eventually 'dissapear'.. along with ANR, ACI, and WLT.