China Growth and Wall Street Upgrade Propel Arch Coal
Companies / Company Chart Analysis Nov 01, 2010 - 11:19 AM GMTBy: Mike_Paulenoff
Some of the metals and mining names that will benefit from renewed growth (in excess of 9%) in China are moving this morning, including Arch Coal (NYSE: ACI).
A strong China market, strong China economic data, and a Wall Street research upgrade have combined to propel ACI 5.5% higher this morning. Friday's plunge from 25.75 to 24.20 has been totally reversed, which suggests strongly that Friday's low represents the end of a correction from the October highs at 25.31/37 and, if so, the start of a new upleg that should revisit the October highs on the way to 29.50-31.00 thereafter.
Only a decline that violates Friday's low (24.20) will wreck the current positive technical (and fundamental) set-up.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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