Technical View

Coal India : Bullish Gartley Pattern

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In this confusing time when the market is swinging in both the directions, Coal India is forming a Bullish Gartley Harmonic Pattern on its daily time frame. Though it is at its all time low but this pattern works best when it is formed after a long decline.

Looks like a good opportunity to go Long above ₹135.4 and view negates below PRZ (Potential Reversal Zone) ₹120.

PRZ is that zone where multiple Fibonacci number group close to each other. Like in this case currently price took support at 78.6% of XA wave, below this is 88.6% of XA wave and another is 161.8% of ABC projection (last level of support). In no case point D should not go beyond point X.

There is also a Bullish AB=CD pattern with time symmetry. AB wave took 7 days to form while CD wave took 6 days and CD wave completes at 127.2% of BC wave.

All these evidences makes Coal India a stock to keep in radar.

Coal India forming bullish gartley on daily
chart source – www.fyers.in

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