NeeteshJain
Long

SAIL TRENDING UP (Inverted Head N Shoulder)

BSE:SAIL   STEEL AUTHORITY OF INDIA LTD
It is been observed that the price action is trending up in a channel formation on daily chart . It is also to note that there is a short term formation of Inverted Head N Shoulder Pattern which is about to break above the neckline of 50 level that will take prices further up to 52 levels and then we could see a retracement back to neckline and then a further impulse move. It is basically a criteria of Head N Shoulder pattern and not just a predication of future prices. Now we shall observe how things work out in this one but it is sure that price action is positive and trending up.

Target: 52
Stoploss: 47.50
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