Coal India-Intraday analysis for 06.05.2024-Bullish

COALINDIA As per the reference analysis for 29th April for intraday(Coal India), (Attached link for the previous analysis), we couldn’t found any trades since market went into sideways for few days and finally stoploss has hit and good thing is later it has achieved target those who have taken 2nd entry for bullish signs.
Now with this yesterday breakout, stock found some momentum towards bullish side and successfully broken 2nd retest resistance level. One more important points is that resistance converted to support and retracement has also achieved by breaking previous swing highs.


Day TF: Inside candle broken and very good healthy green candle. Expected small consolidation before one more momentum

15 Min TF:
• Resistance converted to support
• Retracement has done
• 20, 50 & 200 EMA reacted well with price
• Previous LH has been broken in downrange range with a retest. This indicates downward trade has ended
• FVG has been successfully rejected.
• Volumes are considerably & uniformly high for whole day indicating strong movement expected

Risky Buy: Above 473.
Safe Buy: Above 480 with Consolidation breakout and expect big profits
Direct Gapup entry should be avoided

Get confirmation from any of the leading indicators before entering trade

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