#SAIL - Potential Reversal#SAIL - Potential Reversal
Key Observations:
Price bounced off supply-turned-demand zone (support)
Strong volume on reversal candle
Bullish implication: Buyers absorbing selling pressure
0.20 USD
370.41 M USD
12.73 B USD
About STEEL AUTHORITY OF INDIA
Sector
Industry
Headquarters
New Delhi
Website
Founded
1954
FIGI
BBG000GB2442
Steel Authority of India Ltd. engages in the manufacture and sale of steel and steel products. It offers flat products such as hot rolled coils, hot rolled plates, cold rolled coils, pipes, and electrical sheets, and long products such as thermo mechanical bars and wire rods. The firm operates through the following segments: BSP, DSP, RSP, BSL, ISP, ASP, SSP, VISL, and Others. The company was founded on January 19, 1954 and is headquartered in New Delhi, India.
SAIL for level 144.15
SAIL - CMP 117.75
RSI : 37.86
Below 50 EMA
Target 144.15
This stock is taking support from this level and showing strong upward moves as shown in the technical chart for your reference as RSI also confirms this but in the recent bearish move in market this is below 50 EMA.
SAIL BuySail has been correcting 50-70% after giving a big move. Now it has corrected almost 33% from ATH. It may bee added for a target of 200 in a year.
SAIL Bullish setup for 1:4 risk reward Metal sector is near reversal, it has retested breakout level of 9493.
SAIL Also retested the breakout and made reversal with strong volume candle.
SWING TRADE
Buy SAIL
Above 131
Stop Loss: 125
Target 1 (1:2) 142
Target 2 (1:3) 148
Target 3 (1:4) 153
Duration 3-4 months
Trade as per your risk
SAIL bounce from here.SAIL likely to bounce from here.
Strengthening of dollar index and no clarity of stimulus
package from China has caused downtrend of ferrous metals.
Now SAIL has corrected from recent high of 144.
Technically it seems poised for a bounce from here.
This is my study not any recommendation for buying
SAIL is nearing its Buying zone for Long Term Investment1. SAIL is looking good for Investment
2. Best buying zone around 105-100rs
3. RRR is looking good
4. Strong support at around 80rs
BearishBe careful as it's following all those steps it took to be where it is now. Feels like bearish move will still continue. Be cautious.
Cup and Handle pattern in SAIL?It's simple - If SAIL breaks above the red line then we might see it rise to 230+ level in few months.
Keep a completely open mind until then and assume NOTHING.
Bullish Penant Pattern"The stock has been respecting a descending trendline but is now showing strength, with a potential breakout above the resistance zone. If the price holds above this trendline and breaks through the entry level marked on the chart, it could signal a bullish move. Watch for confirmation of the breako
SAIL 04-10-2024Happy learning with trading. I just shared my view. If correct give me one like. If not correct me.
Points to Note:
1) strong support trendline and support area are near. good bounce will/may happen at support.
2) very good stock to add in portfolio for long term.
Disclaimer:
I am not a Registered
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