IndiaTechnical Analysis

SAIL Technical Analysis

OUR NEXT PICK FOR TECHNICAL ANALYSIS IS THE STEEL AUTHORITY OF INDIA (SAIL)

In Steel Authority of India, we can Clearly See that it’s sharp and upside move from 127 to 143 (~13%) in the last 2 Trading days i.e Wednesday and Thursday

Earlier we have seen SAIL making a low of 20.15 last year on 30th March 2020 and after that, it was an incomplete uptrend with a breakout seen on 43.10 and a high of 80.50 (~50% Move in 41 Days) 

Now SAIL is in a resistance zone for some weeks i.e 80.50-100 

After breaking the resistance zone SAIL AGAIN MADE A HIGH OF 151 within few weeks making a next strong resistance

Now the stock is consolidated in a range of 120-137 with a breakout observed in the last trading session of Thursday

Now, what next?

SAIL is forming a FALLING WEDGE PATTER as per our Price Action from the last few weeks as clearly seen in 1Day Candle Stick Chart. The pattern indicates an alert that we can see an upward breakout in that particular Stock 

We have seen a breakout in this Stock on the last trading session @138. Now the upcoming resistance is 151, we can wait to break 151(our next target)

ROCKET ๐Ÿš€

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