Sail is consolidating since 1 month after big move earlier and since then trading in symmetrical triangle, now it's near support zone as shown in chart, and as the triangle getting narrowed, expect a breakout soon, most probably a upside breakout as volume is not great during fall also RSI & CMO is in oversold zone, so expect a reversal in trend, and as it break ...
SAIL is attempting a triangle breakout.. Long abv 63.5, add more above 65 tgt 70++, Stop is close below 60
Keep strict stoploss as market looking over heated and can get into some kind of correction to 9000 levels or so.
It is been observed on the Daily chart that the price action trending up in a channel and now facing resistance on the upper trend line, indicating selling pressure. Now, it shall correct a bit from current levels before further moving up.
Uptrend started in Feb 2016 is still intact, moreover it has formed a beautiful up sloping channel recently. I would go long here with Stop Loss 46.40(Closing Basis) and look for a target of above 57. Worth taking risk with good risk to Reward ratio.
Doji candle formed at the supply zone suggests a short entry at this level. I would look for a short if it trades below 50.45 level tomorrow with stop loss of the high made in the recent bar. By risking this small Stop loss I would look to take profit 2.5 - 3 times of it. Happy trading!
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 ...