Vedanta Ltd. has been in a consolidation zone for more than 2.5 months after a bearish trend and there is also 5 waves correction triangle is forming. Some more confirmation is mentioned below:-
1. The price will face resistance of the 200 EMA zone. 2. The volume is not supporting the Up movement the volume is declining and the price is increasing this is a sign of weakness in the up move. 3. Previous bear trend + consolidation triangle most likely a second leg down to the down. Multiple resistance on the upside gets a better chance to short instead of going long.
:-Entry should be based on some reversal candle on the respected chart of 4 hour and break of that signal candle. :-Stop loss should be above some points of a resistance Zone.
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Comment
Opened gap up yesterday and dropped, will take entry if a candle close under the range below 288
Order cancelled
trade not active as the price is broken out to the upside.
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