As it is at major resistance level
RSI is in the overbought region
MACD is also showing bearish crossover
We can expect a fall in next few trading sessions
Excellent bottom fishing opportunity in Coal India Ltd. Its trading near IPO Rate(Rs.245). This zone is major support point( Analyze coal India's behavior during Aug 2013 to Feb 2014). Nearly 2cr quantity traded on major reversal day(17 Aug 2017) which was highest since Feb 2015. All in all excellent risk reward zone to initiate the trade.
DAILY FINANCIAL WISDOM: Amateur traders focus on rewards. Professional traders focus on risk..
DAILY FINANCIAL WISDOM: Your decide your fate, the market you're trading does not...
Coal India is forming bearish Bat pattern and CD leg may extend till 420+ in coming weeks.
Longs can be initiated in Coal India at cmp 276 keeping stop at 270 for 420+ tgts in coming weeks.
Short term players may target for 285 to 300
Coal India seems to be struggling at current level of 277. With lower High and lower lows on daily charts.
With Nifty Index under pressure coal india may be break support of 275 level.
Trading strategy :
Short below 277
Target Price : 250
Stop Loss : 290
Reward to Risk - 2:1
Trade Safe.
I am looking to enter after Bounce on 280 with Up thrust Candlestick , I am looking for Long term investment , and for day trading I expect to make 285/291 in a day
Stop would be 272 in both the case Long term and Day trading
Regards
its interesting to know that Coal India is approaching the PRZ of long term support
You can look for reversal in Zone of 275/270 and only after finding price is holding the level then you can look for Long term Entry with Higher Reward , In my understanding if enter after PRZ holding you can look for 400 from 270 in 40 trading days , so wait till it makes to...
Coal india seems to be at the end of the impulse pattern and we can expect a correction soon....The chart suggests short term weakness...Traders can short on any signs of weakness...
