CAN (Steel Authority of India) SAIL TROUGH THE HEADWINDS ?
As the long term downtrend has been paused, let's see how far this stock can be pushed on a short term basis:
It bounced from an all-time low of 19.95 to initiate the upward correction.
The first push up took it to 32.05 and after retracement, the custom point is created at 25.80
If we measure the Fibo Ext at 100% the target is 37.80 which lies in between the upcoming resistance zone.
Invalidation of this buy trade would be the break of the rising trend line or a close below the custom price at 25.80
It bounced from an all-time low of 19.95 to initiate the upward correction.
The first push up took it to 32.05 and after retracement, the custom point is created at 25.80
If we measure the Fibo Ext at 100% the target is 37.80 which lies in between the upcoming resistance zone.
Invalidation of this buy trade would be the break of the rising trend line or a close below the custom price at 25.80