Coal India has corrected around 47% since it made all time high of 446 in August 2015. It made low at 233 after correcting 47% in August 2017. On daily chart
we see some upward movement and formation of double bottom
. This looks like classical W bottom. Using Bollinger band
technique for chart analysis; we see left hand side of W bottom has tagged lower Bollinger band
while right side of W is no; indicating relative high. Price closed above 20 SMA
(Mid Line of BB) and tagged upper Bollinger band
on 5th September. There after showing strength in consecutive days. 265 could act as resistance where we can see consolidation of the stock and forming base before reversal. I would recommend taking long position and ride on long term BULLISH trend
for coal India.