CMP: 314
TGT and SL
It is observed that Vedanta is moving in an ascending channel. So lower trendline is support and per is Resistance. So it can breakout either ways. So watchout for the breakout. Tgt after breakout would be the height of channel, in this case is 25 pts. since it is a long channel, breakout would be more reliable. Also you can observe that during the entire channel, RSI has hit a low of 52. So we can keep a SL of RSI of 52 as well. Also by going long we would be riding the trend
Disclaimer: I am a novice at charting and this chart is for educational purpose purely. Views and opinions are most welcome.
TGT and SL
It is observed that Vedanta is moving in an ascending channel. So lower trendline is support and per is Resistance. So it can breakout either ways. So watchout for the breakout. Tgt after breakout would be the height of channel, in this case is 25 pts. since it is a long channel, breakout would be more reliable. Also you can observe that during the entire channel, RSI has hit a low of 52. So we can keep a SL of RSI of 52 as well. Also by going long we would be riding the trend
Disclaimer: I am a novice at charting and this chart is for educational purpose purely. Views and opinions are most welcome.
Comment:
Book 50% and trail SL to cost. As it is at the upper trendline of the ascending channel.
Comment:
I continues to move in the channel