This is a major coal mining company in the US. Coal stocks are moving up due to the projected demand in China for metallurgical coal.
Take a look at the 3 year chart. This is the start of a classic chart pattern with a break at $25 which is major resistance. Now the stock must hold above $25. An important concept in technical analysis is support and resistance. Once a stock breaks resistance; the price point becomes support. In the case of Patriot Coal, $25 is now major support; and I will sell the stock if it does not hold this price point.
You can see the momentum in the 1 year chart.
Disclosure: I have a long position in this company at a purchase price of $20.60