Coal India - C&H pattern breakout with volume confirmationToday stock has given breakout in C&H pattern with good volume confirmation.
Stock has finally surpassed 161 hurdle and able to close above it with 162.65 price.
One can go long with SL of 143 and target of 190.
Apart from this Coal india's result is on Monday and hope that result will be on favourable side.
If any one want to go with more security than one can put SL at 159rs.
Coalindianalysis
Coal India - Positional View-- It's moving between a channel in a Daily time frame
-- If it crosses the Resistance line (Break Out) then the next Target is 180
-- If it goes below the Support line 149 then better to get out of the trade
-- Last day volume for bears are also very high, so be very cautious for Monday
Disclaimer :
I am not so bullish for positional or long-time view .. As it's still below 200 Exponential Moving Average.. You can go for a swing Trade ..
coAL INDIA TRADE SETUP
COAL INDIA SHOWING WEAKNESS AT 136.55
SHORT FOR TARGET OF T1- 128 T2- 124 ( TRIPLE BOTTOM FORMATION AT 136.55)
SL ABOVE 137
IF THE PRICE SUSTAINS ABOVE 136.55 GO LONG!
FOR TARGET OF T1- 140 T2- 145 ( LOOK FOR WEAKNESS/ STRENGTH NEAR THE YELLOW TRENDLINE ).
KEEP THE PRICE ACTION IN MIND AND TRADE ACCORDINGLY.