Stock: Sail
Sector: Metal – Steel

– Technical Learning
– Chart structure
– Multiple confluence of technical tool
– Chart pattern rising channel
– Fibonacci Retracement

Strength Analysis

In recent upside move of 9% in Nifty, Metal stocks are leading the pack. In previous week, metals stocks did well. Metal sector has not come in bottom 5 sector list. It shows better relative strength.

Steel Stock Movement

All stocks under steel sector did well in recent upside movement. It shows sector specific movement rather stock specific.

Sail Monthly Chart

Since year 2007 till 2020, stock was in negative trend. Post year 2020, Stock has given multi bagger rally, during that time, stock has formed positive trend due to higher high and higher low sequence and breached multiyear resistances. In recent context, stock is in corrective decline move. It has penetrated up to 61.8% retracement level, coinciding with role reversal level. Stock has formed bullish engulfing pattern at key support level, showing presence of buyer.

Sail Daily Chart

After forming base and taking support level on monthly chart, stock has started to form higher high and higher low sequence on daily chart. Stock is moving in rising channel. After a brief consolidation, stock has given a breakout on higher side. There is harmony between monthly and daily chart, indicating bullish continuation sign.