SAIL is forming a pennant pattern in 1 month chart with targets of 162 if it crosses levels of 140 SAIL ( Steel Authority of India ) Targets - Breakpoint of pennant pattern = 133 Target 1 = 140 ( crosses on 7th may, 2021) Target 2 = 150 Target 3 = 162 ( If it crosses levels of 140 ) Time Frame of Chart = 1 Month Time to cross Targets < 20 Days
Note: This is for educational purpose only. Please do not trade F&O based on this analysis. There seems to be a bullish hammer at ascending triangle support. Moreover, this coincides with 50 EMA. RSI above 50 indicates bullish momentum. During price fall, there was a decrease in volume which indicates weak sellers. SL: 62.50₹
bat harmonic pattern completed at point d. although stock gapped up at .886 levels but could not sustain and fell. now as a rule after completing pattern stock can fall till or retrace till 50% and bounce back again as we can see with fibonacci so keep stop loss of 67 to 68 only if you are already in the game or for fresh long keep stop of 67 trade at your won risk
Note: This is for educational purpose only. There seems to be a bullish breakout with high volume. There seems to be a bullish breakout in RSI as well. Moreover, RSI above 60 indicates bullish momentum.
Levels mentioned on chart, consult your consultant before taking any position, avoid derivatives. Buy in cash with a medium term review.