April 16, 2019 / 4:26 AM / 3 months ago

BUZZ-Coal India hits near 5-month high; chart suggests more upside

** Shares of Coal India Ltd gain as much as 2.68 pct to 256.7 rupees, highest since Nov. 26, 2018

** Stock breaks above a resistance at 251.72 rupees, the 38.2 pct Fibonacci retracement level of the downtrend from Feb. 27, 2018 high to Feb 14, 2019 low tmsnrt.rs/2DdNQxU

** Stock also breaks above its 200-day exponential moving average, seen as a bullish sign

** Breakout suggests that in the near term, stock may rise to the next resistance at 264.17 rupees, the 50 pct retracement level

** Trend intensity(TI) indicator rises two points to 17, suggesting a new uptrend for the stock, MACD is positive and is above its signal line

** Stock up 7.46 pct in the last three months as of Monday’s close, compared with the broader NSE Index’s 7.38 pct gains in the same period (Reporting by Gaurav Dogra)

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