Coal India showing a break down on the daily and weekly charts.

Coal India has been trading in a parallel channel from Feb 2024 and the range has been broken and closing below it has been given on the daily and weekly basis.

The stock is trading around a support zone of 480-485. It is trading around the 100 ema levels on the daily charts and closed below 20 ema on weekly charts.

Entry in a bearish trade can be made once the market take a retest around the round number figure of 500 and forms a negative price action.

Clear pattern break down is there in the stock. Positional/swing trades can be initiated once there is a retest and break down of the support zone.

Entry :- Below 480
Targets :- 465
Stop Loss :- 490 (close on hourly charts)

Wait for the price action near the levels before entering the trade.