Shares of Coal India Ltd has been on bull run for past two trading sessions after announcement of its Q4 results. The scrip reached an intra-day high of 292.50 and closed for the day at 289.05 with 2.37% increase in value in NSE. RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 47 to 65 as the signal line continues to move in neutral region with a slight upward incline supportive of existing momentum for upward price growth.
Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra day and daily charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 294.74 and 272.60 respectively.