Peabody Energy Corporation (BTU) has been on a tear for the last couple of months. New highs after new highs have been created, and we could be looking at another good buying opportunity.

The current trend (in blue) has been a pretty strong force over this rally, with bounce after bounce.

Right now I am just waiting for the complete pull back to take place. By looking at the chart above, we can see the resistance line sitting at around $78.10. I would wait to see how the stock reacts to this. If we see a bounce, then I would pick some back up at the current price - $80.31, with a reasonable target of $84.

If the stock never completely retreats, then another buy target could be a break of $84. On the other hand, if it goes below the blue line, then just shift this stock to the side for a while.