Tuesday, 19 March 2013

ANR, BTU - coal miners on the slide again

Whilst the main market is still very close to record levels, the coal sector saw some significant declines today. Alpha Natural Resources (ANR) and Peabody Energy (BTU) declined by 4.7 and 3.9% respectively. Near term trend looks weak.


ANR, daily



BTU, daily


Summary

Some rather clear breaks from what are probably bear flags for both ANR and BTU today.

Near term trend looks weak, and if the main indexes do rollover across April/May, then these stocks will probably take out their lows from summer 2012.

Underlying MACD (blue bar histogram) is now starting to tick lower, and there is plenty of downside potential across the next few days..and weeks.