Coal India has been trading in an ascending channel since Oct'2020. It has recently tested the lower trendline on 23.08.2021 and has given a confirmation for an up move on 30.08.2021 (with good amount of volumes). It also gave a breakout above the 100 DMA & 200 DMA on the very same day. The stock appears to be in a good position to test levels of 175-180. Once it takes out 150 and sustains above it, swing trade can be initiated.
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The stock has given a return of 10.71% from the date this idea was posted (Market Price on 5th Sept was 146.42). Those having a long position in the stock should revise the SL to below 153 on a closing basis for a target of 170.
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The stock has achieved the given target of 170 today.
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