Coal India Elliott Wave Analysis
Coal India daily chart
Coal India hourly chart
In the above daily chart, the energy stock is moving in a lower highs and lower lows and also moving precisely in falling channel. At present it is hovering near the resistance of the channel and there a high probability that it will move down from current juncture. However, RSI has approached near to the oversold terrain, this is the level from it has reversed several times.
In the hourly chart, prices have completed symmetrical triangle pattern and has broken all its previous supports, thus opening negative possibilities. There are high chances that prices will continue to plunge till 115-112 levels over short term.
As per Wave theory, the stock is moving in a-b-c-x-a-b-c- pattern in which it has completed wave b in triangle and so wave c on the downside is pending which already has started.
The summation is Coal India is negatively poised and can drag till 115-112 price zone over couple of weeks with resistance at 128 on closing basis.
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