Coal India Limited (COALINDIA) Stock - Complete Technical Analysis - Nov 05, 2024

Technical Analysis of Coal India Limited: Key Support & Resistance Insights

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. In examining Coal India Limiteds stock, we find critical insights for traders. Currently priced at 435, the stock is facing notable selling pressure. The recent downtrend is apparent from the sharp price drop on November 4, when the stock fell from an opening of 458 to a close of 443. Such fluctuations signal possible bearish momentum, indicating caution for traders.

Key support is identified at 419.53, and further at 387.02, while resistance can be seen at 467.77 and 500.28. The stock's current position below the 200-day moving average further supports the bearish outlook. Indicators like MACD show negative territory, suggesting sustained selling pressure.

Interestingly, the RSI has dipped below 30, marking oversold conditions. This could pave the way for a short-term bounce. The ADX indicates a strong trend, while rising volatility, as shown by the ATR, suggests that significant price movements could be on the horizon. Therefore, traders should consider these technical signals and remain alert to potential reversals while watching the support levels for signs of stabilization.