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BTU (Peabody Energy--$46.72; -1.40; optionable): Coal
Company Profile
After Hours: $46.72
EARNINGS: 04/22/2010
STATUS: BTU peaked on the rally in early 2010 and sold off. It fought its way back through late March where it peaked, making a recovery high at the 78% Fibonacci retracement of the January to February selloff. Faded again then rebounded to Monday where it again tapped the 78% retracement again and started to rollover once more. Friday BTU broke below the 50 day EMA on the close. This double top at the 78% Fibonacci retracement is a strong downside signal, and we are ready to move in as BTU continues this break to the downside. A move to the initial target lands a 78%ish gain.
CHART VIDEO
Volume: 6.265M Avg Volume: 6.334M
BUY POINT: $46.54 Volume=7.4M Target=$41.45 Stop=$48.98
POSITION: BTU 10R48.00 - June $48p (-52 delta)
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