Update on the stock
After Gas… It’s high time to enter Coal stocks. As we have seen Commodity prices are surging for the last few months because of global tension and crises. It has given breakout above 190 levels and we are expecting to test 250—285 levels in days to come.
Above is the monthly chart of Coal India as you have seen a breakout above the long-term downtrend trendline. Coal India has already given a breakout on the chart and we expect a good upside move in it. On the minimum side, we expect to test 38.2% and 50% which is at 238 and 277 respectively. Also trading above 20 weeks moving average which shows strength on the chart.
On the lower side, traders can maintain a stop loss of 170 on a closing basis. So traders can plan their trade accordingly.