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Shares of Coal India Ltd gained as much as 2.5 per cent to Rs 238.5, their highest since January 3.
The stock has broken above a resistance at Rs 236.3, the 23.6 per cent Fibonacci retracement level of the downtrend from the February 27, 2018, high to the February 14, 2019 low.
The break-out is supported by volume, as the five-day average volume is about double the 30-day average volume.
The stock closed at Rs 240.30, up Rs 7.90 (+3.40%) on the BSE.
The breakout suggests that in the near term, the stock may rise up to the next resistance at Rs 251.7, the 38.2 per cent retracement level.
The MACD has turned positive and is above its signal line.
The stock has traded down 25.7 per cent in the last one year as of Monday's close, while the broader NSE Index is up 3.9 per cent in the same period.
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