A cup formation can be seen on the daily charts of Coal India. A handle formation is expected. A short term profit trade can be taken, expecting that formation of the handle will benefit us. (OPEN THE CHART FOR DETAILED VIEW)
RSI shows positive growth with momentum
MACD showed a bearish crossover recently, but current momentum shows that we may see a bullish crossover soon
LEVELS
Entry: CMP (149)
Target: 155 (One small target as there is no breakout or any pattern formation here. Just a handle formation will benefit us. Breakout after cup and handle formation is another idea)
STOP LOSS: 146
Risk-reward ratio PERFECT
Positive point: Coal India is expected to declare its earnings tomorrow. Hence, a BIG MOVE can be seen anytime soon!!
I would recommend going long on COAL INDIA for a very short time (4-5 days) as this is just a quick profit trade with just a handle formation.
Thanks
FOLLOW IF YOU LIKE THE ANALYSIS
RSI shows positive growth with momentum
MACD showed a bearish crossover recently, but current momentum shows that we may see a bullish crossover soon
LEVELS
Entry: CMP (149)
Target: 155 (One small target as there is no breakout or any pattern formation here. Just a handle formation will benefit us. Breakout after cup and handle formation is another idea)
STOP LOSS: 146
Risk-reward ratio PERFECT
Positive point: Coal India is expected to declare its earnings tomorrow. Hence, a BIG MOVE can be seen anytime soon!!
I would recommend going long on COAL INDIA for a very short time (4-5 days) as this is just a quick profit trade with just a handle formation.
Thanks
FOLLOW IF YOU LIKE THE ANALYSIS
Trade closed: target reached:
Target reached in just 5 days!!!!
8% return in just 5 days!!!
Target reached in just 5 days!1
8% return in just 5 days!!!
Target reached in just 5 days!1