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Shares of Coal India today hit a 7-week high, and according to technicals, the stock may test resistance at Rs 290.40. The state-run coal miner shares gained as much as 3.2 per cent to Rs 282.35, highest since June 15.
The stock broke above a resistance at Rs 278.25, the 23.6 per cent Fibonacci projection level of the uptrend from August 11, 2017 low to February 27 2018 high. It also broke above its 200-day exponential moving average.
The breakout suggests that the stock may now rise up to the next resistance at Rs 290.4, the 38.2 per cent projection level. The stock's wave pattern suggests it has completed a corrective cycle and the initial wave of a five-wave uptrend has started.
RSI jumped above the level of 60, seen favourable. CIL stock had gone up 4 per cent this year as of last close, underperforming broader NSE Index's 6.8 per cent gain.
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