COAL INDIA LTDUpdated Watchout for Coal India!!
Coal India has shown an up move in the market today after trading close to the short term support line for 15 days. The up move was accompanied with higher than average volume levels. This move was also backed by RSI with a crossover above 50. We should wait for a confirmation from MACD also as the MACD line is trading very close to the signal line. The stock has a low resistance at 136. So breakout above 136 with high volumes will show an up move in the stock. The stock has been currently trading in a symmetric triangle pattern with lower highs and higher lows.
The 1st target is set at 142 with a stop loss at 126(support line). If the 1st target is achieved, the next target level is 147.5 (Resistance Zone).
The 1st target is set at 142 with a stop loss at 126(support line). If the 1st target is achieved, the next target level is 147.5 (Resistance Zone).
Trade active
First target has been hit. The stock continues to have higher than average volumes and a breakout above the short term resistance line is anticipated. Short run EMAs have been trading high and we need to lookout for any crossovers.We should hold our position and wait to see it the stock retraces or breaches the resistance line. If it breaches the line then an up move till the resistance zone could be expected
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