Strong rally seen between may till august 2016 making higher highs and higher low with minor corrections in between. From mid august till last week of September a downward rally is evident. Lower highs and lower low is seen between this period. A minor upward rally is seen from 321 levels suggesting a double bottom. A neckline is marked joining the bottoms formed on 4th august and 15th September. The neckline is broken on 7th October giving a good indication of head and shoulder pattern. Volume confirmation is also seen.
Coal India – H&S pattern
