Coal India hits near 5-month high; chart suggests more upside

Shares of Coal India Ltd gained as much as 2.68 per cent to Rs 256.7, the highest since November 26, 2018.

The stock broke above a resistance at Rs 251.72, the 38.2 per cent Fibonacci retracement level of the downtrend from the February 27, 2018 high to the February 14, 2019 low.

The stock also broke above its 200-day exponential moving average, seen as a bullish sign.

The breakout suggests that in the near term, the stock may rise to the next resistance at Rs 264.17, the 50 per cent retracement level.

The Trend Intensity (TI) indicator has risen two points to 17, suggesting a new uptrend for the stock, MACD is positive and is above its signal line.

The stock is up 7.46 per cent in the last three months as of Monday’s close, compared with the broader NSE Index’s 7.38 per cent gains in the same period.

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