NeeteshJain
Short

Coal India Breaking Out Channel Pattern (Bearish)

BSE:COALINDIA   COAL INDIA LTD
The price action breaks out from a trending channel , indicating weakness and bearishness. It shall now reach to Fibs levels targets at 321, 313. Stoploss 336
Trade closed: target reached: TARGET 1 ACHIEVED.
Comment: Now, pursue to target 2 at 314
why did you close trade. What about 2nd target.
Reply
I have just mentioned that our Target 1 is achieved, which I would suggest to book partial profits. If you continue in the same trade then you might take stoploss at 335 and continue. It is always recommended to book partial profits at 61.8 retracement levels. Once the price action breaks below the low 61.8 levels then you might enter the trade again shoot for 78.6
Reply
AMBRISH NeeteshJain
Thanks for clarification.
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