Coal India - Daily Chart Analysis
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The observed consolidation pattern in Coal India over the past three months, followed by a decisive breach of the 400 resistance level accompanied by heightened volume, suggests a potential shift in market sentiment. This initial breakout, however, faces a critical test at the 200DEMA channel, spanning 408 to 419.
A successful break through this zone, characterized by sustained volume and price action above the upper boundary, would strengthen the hypothesis of a potential bottom formation.
Conversely, failure to overcome this resistance could indicate a temporary bullish surge within a broader consolidation phase, necessitating further observation to ascertain the stock's long-term trajectory.
