Kijun Sen threat on COAL

After reaching 1.22 per share, COAL retraced and is now trading at 1.13 per share. Based on its chart, there is a threat coming from the Kijun Sen line at 1.01 per share. The Kijun Sen line has the power to attract the price to come closer to it. Currently the Tenkan Sen line is providing support for COAL not to go down but if bears will be strong these coming days, it may fall at 1.01 which is also our 50% Fibonacci Retracement level. In case it hits there, we will monitor for a bullish candlestick formation. Absence of that will mean it will continue to go down further.

RSI or Relative Strength Index is currently at 67.79


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