Coal India hits over 2-month high; chart suggests more upside

Shares of Coal India Ltd gained as much as 2.5 per cent to Rs 238.5, their highest since January 3.

The stock has broken above a resistance at Rs 236.3, the 23.6 per cent Fibonacci retracement level of the downtrend from the February 27, 2018, high to the February 14, 2019 low.

The break-out is supported by volume, as the five-day average volume is about double the 30-day average volume.

The stock closed at Rs 240.30, up Rs 7.90 (+3.40%) on the BSE.

The breakout suggests that in the near term, the stock may rise up to the next resistance at Rs 251.7, the 38.2 per cent retracement level.