Sail Ready for Bigger Targets

May 1

Hi friends, mates and Trading community so here i am sharing a bullish breakout in the share price of steel authority of India on monthly timeframe and in trading we all know that the bigger the timeframe, the bigger the targets will be.

So yesterday was a monthly close day and the share price gives a bullish breakout above three years old horizontal resistance swing top and closed above too after many prior attempts too so this monthly candle close above resistance indicates that this momentum can continue in coming months too and we can see 252 to 265 levels in coming months probably in 2024. i request that do not mesmerize after hearing big targets here self study is mandatory because we all are here for sharing our ideas for learning purposes not for trading so this is how you can identify monthly breakouts too.

Retest entry- So this entry looks good for me as this is my favorite trading strategy and suits me as well because we can minimize our risk by this, So 150 to 135 zone will be a breakout retest zone can act as good support zone prior it was a resistance zone for this execution 125 to 120 levels could be a strong support levels.

This idea is meant for only educational purpose this not any kind of trading or investment advice.

Best Regards- Amit
Namaste.

May 7

Note

Hi friends and mates so updating this idea with a breakout view as we all can see that there is selling intact in all benchmark indices so Nifty metal is also dragging with all metal related shares too so Sail is also down but some how it is supporting my breakout retest view which i clearly mentioned in idea description and heading towards marked breakout retest zone. So now from here whenever i will observe retest bounce i will update this idea again according to my trading setup until then i am only tracking price action movements. Thanks for reading and giving wonderful support to my publication mate

Weekly chart

May 14

Note

Retest Update-: Sharing a retest view on daily chart as mentioned in idea description price retested it's resistance as support zone this time and given a good entry near retest levels.

May 21

Note

Hello traders sharing a new update after the retest update above, So we can see price reached to 171 levels after the touching retest levels of 150 and gained 14% so far by this trade and one more thing i want to share that price breaking a swing high resistance too which it made after breakout and we can say it is a good sign to for confirmation of a breakout so now from here i will trail stop loss to entry price and will wait for te mentioned targets in idea. Thanks for reading and supporting my idea