Hello Friends,
with Steel price increase, all the steel based companies are gaining.
Look at this SAIL, the range is between 40-100 rs in last few years.
with Wedge breakout on weekly, price is keen in testing the resistance zones. It can take its own time, expectation is too test the previous resistance zone around 100+ rs
So SAIL turns as very good...
On Monday (25/Jun) if daily closes above 85.25 it is probably time to get ready for the next swing. Stop is 82 and first target is 90 (last swing high).
Sail: last leg of Bearish Shark Pattern, price negotiating with 200 DMA, Positive Divergences triggered. SL at 200 DMA for investing long for decent upside. It is a good risk-return ratio.
SAIL CMP 73.75
Target 60
Stop 80
Daily Chart
1) Stock broke below 200 day ema with heavy volumes.
2) Higher time frame - Weekly chart has the stock breaching 30 week ema.
