Company Description: Massey Energy Company, through its subsidiaries, produces, processes, and sells bituminous coal primarily in the United States. The company’s customers include electric utilities, steel manufacturers, industrial customers, and energy traders and brokers. As of January 31, 2009, it owned and operated approximately 160 wells, 200 miles of gathering line, and a range of small compression facilities in Appalachian Basin. The company also operated 66 mines, including 46 underground and 20 surface in West Virginia, Kentucky, and Virginia. Massey Energy Company distributes its products through freight and terminal agreements with various providers, including railroads, barge lines, ocean-going vessels, bulk motor carriers, and terminal facilities. The company was founded in 1912 and is headquartered in Richmond, Virginia.

Our Analysis: The shares of Massey Energy Company 'MEE' moved solidly higher on the last 3 trading days of last week on heavier than normal trading volume. On Friday of last week the shares of 'MEE' closed above a key upside resistance level on heavier than normal trading. This is a bullish trading signal. In the short term I am expecting the shares of 'MEE' to continue to move higher and test $ 29.95/share, a former point of downside support that was established on May 10th of 2007, that has now become upside resistance. On a slightly longer term basis, I am expecting the shares of 'MEE' to test $35.15/share, our target from a cup pattern that was completed with Friday close. I see downside support on the shares of 'MEE' @ $25.81/share, and have set my stops accordingly at $25.41/share.