Coal India has formed a coil (symmetrical triangle) for three months. The trend of volume is downward. Coal India’s prior trend was bullish. This formation occurs when the market is indecisive.
Price makes higher lows and lower highs. It is the situation where supply and demand are near to equal. Within the triangle, the trading range shrinks. There is a pause in the exhausting trend, after which the original trend resumes.
If the price breaks the upper band of the triangle, traders can trade for the following targets: . A symmetrical triangle has a high success ratio of 84% in case of a break out of the upper band.
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