SAIL (1M): Massive Multi-Year Rounding Bottom & Ascending Channel 🚀
Description:
Hello traders,
Taking a long-term view on the Monthly chart of Steel Authority of India Limited (SAIL), we can observe some highly bullish price action developing over the years.
Key Observations:
Multi-Year Rounding Bottom: Since its peak around 2008, SAIL has formed a massive rounding bottom structure, indicating a long-term accumulation phase and a major shift in momentum.
Ascending Channel: The price is currently respecting a well-defined ascending parallel channel (blue lines) since the 2020 lows, showing a steady and healthy uptrend.
Market Structure: Within this channel, we can see a textbook "Higher Highs and Higher Lows" sequence (yellow trajectory). The pullbacks have been perfectly bought into.
Key Levels: The price successfully broke and retested the major historical resistance zone around 119-120, turning it into strong support.
Outlook:
As long as the price sustains within this bullish channel and holds above previous swing lows, the long-term trend remains upward. If the momentum continues, we could see the price testing the historical upper resistance zones around 267 and potentially the All-Time Highs near 293.
Disclaimer: This is for educational purposes only and not financial advice. Please do your own research before investing.
Description:
Hello traders,
Taking a long-term view on the Monthly chart of Steel Authority of India Limited (SAIL), we can observe some highly bullish price action developing over the years.
Key Observations:
Multi-Year Rounding Bottom: Since its peak around 2008, SAIL has formed a massive rounding bottom structure, indicating a long-term accumulation phase and a major shift in momentum.
Ascending Channel: The price is currently respecting a well-defined ascending parallel channel (blue lines) since the 2020 lows, showing a steady and healthy uptrend.
Market Structure: Within this channel, we can see a textbook "Higher Highs and Higher Lows" sequence (yellow trajectory). The pullbacks have been perfectly bought into.
Key Levels: The price successfully broke and retested the major historical resistance zone around 119-120, turning it into strong support.
Outlook:
As long as the price sustains within this bullish channel and holds above previous swing lows, the long-term trend remains upward. If the momentum continues, we could see the price testing the historical upper resistance zones around 267 and potentially the All-Time Highs near 293.
Disclaimer: This is for educational purposes only and not financial advice. Please do your own research before investing.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.