Sivaprasad93

Coalindia near breakout

Long
NSE:COALINDIA   COAL INDIA LTD
The stock has a support level @ 123-126 range.It has formed a bullish divergence in daily time frame.It also has broken both trend line in chart and RSI .Now the price has reached @ resistance with volume but not able to close above it.If it breaks and close above 135 we can expect a 1st target of 145+. You can keep Stop loss below 124(on closing basis). And also if u check weekly chart we can see a formation of inverse Head&shoulder pattern.
Another interesting thing is that, on 9th march weekly candle, we can see a big wick below the candle and the stock has been trading in that range. So 152-154 is acting as a major resistance for the stock now. If it close above that range iam expecting a good return in long term.
Comment: The stock closed in negative but if we check the hourly time frame, we know its just a pull back.

Comments

@Sivaprasad93 This is a great analysis. Can you tell the time frame or holding period to reach the target 143?
Reply
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