As long as this morning's pullback low at 49.80 in the Market Vectors Coal ETF (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 a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.