Re: ACI (Arch Coal) Ok, this did something interesting today. It opened way below support but then closed back above it on high volume.
Coal stocks got a bad future Page Ranking last week because of emissions concerns. And today Arch said it's quarterly profit plunged almost 50 % due to high costs and production cuts, and cut it's earnings outlook. But analysts said the long term effect of the production cuts was positive and demand for power will still justify coal powered plants.
Never the less, aside from the news moving the price down then back up, in general from a TA standpoint, isn't a gap down like that then back up to a high close a sign that it will soon tank some more based on other negative indicators such as a sinking OBV for the past two weeks? |