Coal India Limited (COALINDIA) Stock - Complete Technical Analysis - Nov 27, 2024

Coal India Stock Analysis: Key Support, Resistance, and Technical Indicators

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. Coal India Limited's stock is currently trading at 417.15, reflecting a 23.25% decline from its 52-week high of 543.55 on August 26, 2024, and a 25.16% increase from its 52-week low of 333.3 on November 28, 2023.

Support and Resistance Levels: The stock faces resistance near the 450 mark, aligning with the 50-day Exponential Moving Average (EMA) of 454.03. Support is observed around the 400 level, coinciding with the 200-day Simple Moving Average (SMA) of 472.69.

Technical Indicators:

Relative Strength Index (RSI): At 37.49, indicating the stock is approaching oversold conditions.

Moving Average Convergence Divergence (MACD): The MACD line is below the signal line, suggesting a bearish trend.

Average Directional Index (ADX): At 41.59, reflecting a strong trend, though the direction remains uncertain.

Stochastic RSI: At 93.54, indicating the stock is overbought.

Chart Patterns and Observations: The stock has recently experienced a downward trend, with the price moving below key moving averages, signaling potential bearish momentum. The high ADX value suggests a strong trend, but the direction is ambiguous. The overbought Stochastic RSI and low RSI levels imply potential for a price correction.

In summary, Coal India Limited's stock is exhibiting bearish signals, with resistance near 450 and support around 400. Investors should monitor these levels and consider the technical indicators before making trading decisions.