BHUMIT-ARQ
Long

Vedanta On The Verge Of Ascending Triangle Breakout

NSE:VEDL   VEDANTA LIMITED
99 0 3

Targets : 265-275 / Higher Buy range : 245-250 Stoploss : 224 Duration : 3-4 weeks

Outlook :
The stock price as per daily timeframe has been moving in a consolidating sideways range over last few weeks and has been moving consistently making similar tops and higher bottoms (black converging lines).
After showing such decline of the last few weeks, the stock price is now witnessing a lower levels recovery and has formed yet another higher bottom at or near 224.
The immediate support of up trend line is intact (black
dashed up trend line ) at Rs             .225 levels, which is offering support for the stock price as of now. Hence one may expect further upmove from here.
Presently, the said underlying is trying to stage an upside breakout from an “Ascending Triangle” pattern in next few sessions, however the pattern gets validated once the prices get passed above 247-248 levels. Volumes also have been steadily increasing which shows buying interest of investors for the stock near important support levels.
The 14 period RSI has placed near the key upper 60 levels and is making attempt to turn up from there and this could suggest intact of upside momentum.MACD: -0.766 and Signal Line: -1.8. According to MACD analysis, vedl             is marginally strong. Price just got above its 20-DEMA and 50-DEMA which is a positive signal.
Overall positive chart and momentum setup is showing along trade opportunity in VEDANTA             ..Hence we recommend a buy for short to medium term, entry and exit levels are mentioned above.
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