Global commodity market, especially the metals, is going great guns.
That rally has reflected in Indian commodity stocks too.
After a brief correction from overbought zone and a bounce from 20 day MA, Vedanta looks set to continue the rally.
Immediate target 335
Reason: continuation on W chart. pause in selling on D chart. Reversal selling wave pattern i.e. two wave format. In short, current down wave is corrective wave.
Timeframe : As highlighted by the arrow
Copper has completed abc correction that began in early 2016. It is also at the top of a LT channel. Copper seems to have started a corrective (possibly impulsive) move from 2.8 highs; this should take it to a target of 2.49 in the short term(also a strong support zone)
It is been observed that the price action was ranging in a symmetrical triangle for a while. Now, the price action finally breaks out from the triangle, indicating strong selling pressure. The price shall now further move down as measured to the height of triangle. Short after a pullback to previous support of the triangle as marked.
Copper is a buying opportunity upon 50 to 61.8% fib retracement levels around 2.085 levels with stoploss just below 2.06 for targets of 2.15 / 2.20. This could turn out to be a correction or the start of a new rally.. Price action would give more details.
CrudeOil would continue going higher till 47.30 levels where it would complete Wave A = Wave C if its a 3 Wave ABC correction and probably start correcting from around those levels and go lower.. If its a 3rd Wave then we might see CrudeOil keep going higher and test the 50 levels again. Details are on the chart.