Coal India Moves Uptrend Over News of Offering Thermal & Coking Coal Contract for Non Power Sector

Shares of Coal India Ltd today saw over 2% increase in value as news hit market about plans to offer a mix of 30 million tonnes of thermal and coking coal at its recently announced fourth tranche of long-term supply contract for the non-power sector. The scrip reached an intra-day high of 270.20 and closed at 265.15 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 37 to 54 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 weekly 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 for the week are at 257.15 and 278.26 respectively.

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