Basic Materials Stocks Surging

The Basic Materials Sector was one of the worst performing areas of the market in yesterday's trading session. Today, however, it is the strongest, currently trading up 2.12% on the day. The best performing stocks currently in the S&P 500 Basic Materials Sector are: 1) Alpha Natural Resources ANR: Shares of Alpha Natural Resources are currently trading up 4.4% from yesterday's close to $45.72. The stock has lost 17.3% over the past ten trading sessions. Alpha's 50-day simple moving average is close to crossing below its 200-day simple moving average (one year daily chart), which is a bearish indicator known as the “Death Cross.” 2) AK Steel Holding AKS: Shares of AK Steel Holding are currently trading up 4.4% from yesterday's close to $15.41. The stock has broken above its 50-day simple moving average (one year daily chart) in today's session. Shares have strong resistance at $15.50. After that, no resistance comes into play until $17. 3) Peabody Energy BTU: Shares of Peabody Energy are currently trading up 3.9% from yesterday's close to $55.31. The stock has lost 10.7% over the past ten trading sessions. Shares have strong support around $52.65 – a level that dates back to November 3rd. After that, no support comes into play until $49.69. 4) Nucor NUE: Shares of Nucor are currently trading up 3.2% from yesterday's close to $40.74. In a bullish development, Nucor's RSI (14) indicator has turned up over the past two sessions. A test of the 200-day moving average, which is currently at $42.41, appears likely. 5) Freeport-McMoRan FCX: Shares of Freeport-McMoRan are currently trading up 3.4% from yesterday's close to $49.96. The stock is looking to break above its 200-day simple moving average (one year daily chart), which is currently at $50.50. Shares have been stuck in a consolidation range of $46 to 52.75 since May 12th.