Below is the technical chart of Steel Authority of India (SAIL), listed on Indian stock exchange, using ichimoku indicator.
In the beginning of Nov.2010, Ichimoku gave sell signal on SAIL at around 196 levels. From there, it started its downward journey to touch 77.60 yesterday. The price is still trading below kumo; so is chikou-span. There is not even a single positive sign to buy this stock at current levels. Infact, it will go more downward from here. The major resistance is at 112 and then at 152. Take long position ONLY when it closes above 112.
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