Coal India Stock Price Forecast

Coal India Ltd Daily Chart

Coal India Ltd is trading in weak territory on the National Stock Exchange of India and is currently in between the H3 and the L3 Camarilla levels, which signifies absence of trend strength. Frequent trend reversals are making it quite difficult to predict and with our studies, here is what we can make of it.
Elliott studies depict a clear downtrend in the stock prices in the intermediate, minor and minute time frames. We can see from the image attached below that the blue channel lines shall be the key limits of the stock in the next few sessions, which is obviously a downside.
As already noted, Camarilla strategies do not suggest any strength in the stock in any direction and hence we are unlikely to witness any sharp price movements in the coming few days. Wolfe wave patterns are also absent.

Coal India Ltd Elliott Waves

In such a situation we can only rely on Gann reversal dates which are predicted as follows. In terms of trading days, 5,8,13 and 19 are important numbers and must be counted from the 14th of February 2013 which is when the present negative trend was initiated. In terms of calendar dates, the 19th of Feb, 27th of Feb and the 5th of March are important dates on which a trend reversal from negative to positive is likely.Any reversal will have to be confirmed by price movements wherein the high on the reversal day must be lower than the high on the following day.

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