Coal India is in a down trend since long and like most of other public sector stocks is in a deep sleep. But the recent price action suggests it might be moving towards forming an Inverse Head & Shoulder. Things are still far from any kind of confirmation but have to keep an eye in the stock for next few weeks for any breakout.
looks like a classic cup and handle pattern ,with the handle breakout done(volume also comfirmed)..Target should be the cup depth which is around 35-40 points .. T1 is 160 and T2 is 179
Breakout has already happended above 138. It should reach to 170+ in 2-3 weeks.
rattle99
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The volume seems to be incorrect.
db_super_chartist
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@rattle99, volume is correct and is in terms of no of shares traded
rattle99
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@db_super_chartist, The volume should be decreasing towards the right. It's the opposite here.
db_super_chartist
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@rattle99, ok i got it you were talking about the decrease in volume towards the right shoulder of Inverse H&S. That decrease happens because of bearish cycle in overall market when generally volume decreases overall and market becomes dull but here since the rest of the market is in bull cycle i don't think that should happen. Rest let's see weather a breakout happens if at all.