Buyers Stepping In - Patriot Coal
Published on Monday, 12 March 2012 11:38 Written by TradersHuddle Wire
New York, March 12th (TradersHuddle.com) - Unusual high volume detected on shares of Patriot Coal Corporation (NYSE:PCX) early in the trading session. The pace in volume of Patriot Coal is already above average, with buyers stepping in, as the stock is 3.65% higher.
Patriot Coal Corporation (NYSE:PCX) is a coal mining company that operates in Central and Northern Appalachia and the Illinois Basin.
Patriot Coal has already traded 1.008 times its 3-month average volume and has calculated support and resistance at $5.97 and $8.43 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.
The overall market index S&P 500 is trading lower by -0.21% from its previous trading close, which means that Patriot Coal stock is outperforming the overall market.
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