Coal Appears to Have Completed Near-term Correction
Commodities / Coal May 28, 2008 - 04:47 PM GMTBy: Mike_Paulenoff
As long as this morning's pullback low at 49.80 in the Market Vectors Coal ETF (NYSE: KOL) contains any forthcoming weakness, my pattern work is "warning" me that the KOL has completed a near-term correction within an otherwise still powerful bullish channel, and has turned up for a retest of the prior high at 54.00, likely on the way to new highs at 56.00.
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By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
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