Feb 17, 2017

Chart Of The Day : SAIL/STEEL AUTHRITY OF INDIA LTD. Buy/Sell/Hold? Short - Mid Term View 17 Feb 2017 For Trading Positional Technical Analysis Recommendation

Sail or Steel Authority Of India Ltd.
Recommendation: Strong buy
Duration : Short, Mid Term, Possibly long term as well.
While the fundamentals of the steel sector and that of the particular company are improving, it will be a detailed subject of explanation so we will limit ourselves to the recommendation and some technical analysis.
The stock has bottomed out around 35 levels from February 2016 from where the present rally in stock market has started.
After steadily rising with a clearly visible rising trend-line, the stock gave breakout with new yearly high in last month by crossing 55 levels. Which is now a support level only.
On monthly chart also the stock is looking excellent and a level of 100 is not far. And crossing 100 will take the stock into new bull market and levels of 300 are possible.

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