Patriot Coal (PCX) just announced earnings tonight and isn’t moving much after hours. What I find interesting is the point of control over the last few months is right around current price. Also, 18% of the oustanding shares are short which means they have to buy in order to cover their positions. This could spark a rally to the upside with our technical indicator having a bullish bias. Stop goes below $9 and our upside targets are $11,12 and ultimately $13. This is not a recommendation to buy Patriot Coal but it is a trading strategy using technical analysis and volume profile.
Investment strategy | Investing online | Stock market investing
Leave a Reply