Coal India Limited : Coal Mining Company ( NSE:COALINDIA ) is Making Descending Triangle Pattern (PATTERN BREAKOUT TRADE). This can become a very good trade for intraday traders. Target + Stop Loss: There is no target here. You keep the first target as much as the stoploss you put. And the stoploss will be the low/high of the candle that broke this pattern. Or...
Long above 130.5 for 134/137/140/143
Trade the triangle breakout. Go short if the price crosses the red line with target of 129 and SL - 132.50. Go long if the price crosses 132 with a target of 133.8 and SL - 130.9.
Note: This is for educational purpose only. There seems to be a formation of bear flag pattern on weekly chart. RSI below 40 which indicates bearish momentum.
Take entry now for swing trading tgt 1 - 125 tgt 2 - 120
A GOOD SHORT CAN BE INITIATED IF IT GIVES A CLOSING BELOW 138 WITH A SL OF 144 FOR TARGETS NEAR THE BOTTOM ZONE OF THE CHANNEL IN NEAR TERM.