Coal India Elliott Wave Analysis

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 Coal India daily chart

Coal India hourly chart


From the daily chart, prices have given a bullish break by crossing cluster of resistance as seen in the above chart. Also it has crossed with a gap up opening, indicating that it is a breakaway gap and remains unfilled as of now. Now the level of 144 will act as a crucial support to this stock as it was acting as a resistance earlier. RSI has also relieved from the overbought terrain.

As shown in hourly chart, prices are moving in a higher highs and higher lows fashion and currently it is moving down to find the support. As of now it has found rising channel support and can move higher from current levels. However, if it slips from here it can move down till 148-146 levels which can be a buying opportunity.

As per Wave theory, the stock is moving in wave iii of either wave iii/c. At present the ongoing wave iii is extended in which wav iv is ongoing which can retrace till 38.2-50% from wave ii to wave iii. On the downside it can go till 147 levels to mark wave iv*. Once it is over wave v will pick the stock up and cross 165 levels.

The summation is Coal India has a strong support near 148-146 levels which when tested can be a buying opportunity. On the upside expect it to move till 165-168 levels.


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