Even after reporting further loses and weak pricing in the met coal market, Alpha Natural Resources (ANR) has formed a beautiful chart. Won't ever claim to be a technical expert, but this chart shows consolidation for a year and an eventual rise above the 200ema. When a stock starts breaking above the moving averages and the news isn't overly bullish, its a good sign that the momentum has turned in the stock. The sellers are done for the time being.
Everybody needs to remember that Alpha Natural has very significant and valuable met coal assets. At this point, its just a matter of rationalizing supply and demand to get prices higher. These resources will be valuable again at some point.
Disclosure: Long ANR. Please review the disclaimer page for more details.