Technical Analysis – Steel Authority of India Limited (SAIL)Steel Authority of India LimitedNSE:SAILChartistHub1. Price Structure & Trend Overview: Primary Trend: Uptrend After peaking near the ₹200 mark in early 2024, the stock entered a downward parallel channel. The correction lasted for several months, forming lower highs and lower lows until it bottomed out in the "Discount Zone". 2. Key Zones & Patterns: 🔷 Falling Channel (Bearish Correction Phase): Clearly defined descending parallel channel from early 2024 to early 2025. The breakout from this channel suggests a potential trend reversal. 🔷 Accumulation Zone: Price consolidated and formed a base between ₹90–₹110. This zone is labeled as "Accumulation", signaling smart money entry during the bottoming phase. 3. Breakout & Retest Structure: After breaking out of the falling channel, the stock made a strong upward move. A bullish market structure formed with: Higher high Higher low (successful retest near ₹120 support) The price is now rallying again from this support. 4. Resistance & Target Levels: Immediate Resistance: ₹145–₹150 Major Resistance: ₹180 (next target upon breakout) A breakout above ₹145 with volume could signal continuation towards ₹180. 5. Support Levels: Strong Support: ₹120 (recent retest zone) Major Support: ₹100–₹110 (accumulation & discount zone) 6. Volume Analysis: Increasing volume post-breakout indicates buying interest. Volume remained low during the falling channel, aligning with a correction phase. 7. Potential Price Action Projection: If the price sustains above ₹120 and breaks above ₹145, a measured move suggests a target around ₹180. Invalidated if price falls back below ₹120 with high volume. ✅ Conclusion: The chart suggests a bullish reversal is underway after a prolonged correction. Accumulation in the discount zone, breakout from the falling channel, and successful retest are strong bullish signs. A sustained move above ₹145 may lead to a rally towards ₹180 in the medium term.