Coal Appears to Have Completed Near-term Correction

May 28

by Mike Paulenoff, Wed May 28th, 2008

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Coal Appears to Have Completed Near-term Correction
By Mike Paulenoff, www.MPTrader.com

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.

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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