Coal India Elliott Wave Analysis

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 Coal India daily chart


Coal India hourly chart


As per daily chart, the stock is under accumulation phase and has formed a rounding bottom or a bullish cup and handle pattern. However, there is still a need to get a bullish breakout, which can only be obtained once it trades above 145 levels. A sustainable move above 145 will soar prices till 180 as per the target of the pattern. RSI has relieved from the overbought terrain and can pick up momentum.

From hourly chart, prices are consolidating in a range marked by two horizontal lines. The immediate support is at 140 levels, break of 140 can drag prices further till 136 levels. Also after this downfall, the stock is poised to move higher from there near till 160 followed by 180 levels. RSI is near to the oversold terrain.

As per Wave theory, the stock has completed wave i and it on the brink to complete wave ii which can be a regular flat pattern, where wave c will fail and then it will start wave iii on the upside.

The summation is Coal India can find support in the zone of 140-136 which can be utilized as a buying opportunity for the level of 160- 180 levels over short to medium term.

 

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