Vedanta has been in a down trend for about a year and half. This stock has been consolidating in the form of a symmetrical triangle which now appears to be broken. It does look like a good opportunity to join this SHORT ride!
Ascending triangle pattern observed in Daily time frame. Purely from pattern standpoint it suggests confirmation for a possible Bull trend. However, looking closely at recent price action and Fibonacci levels, 170-174 looks to resist an up move. Hence a daily close above 174 would make the case for Bulls stronger. Alternatively, based on one's individual risk...
Like I mentioned in the earlier post, my view is that Vedanta will try to move up side after each consolidation. I see a 1 hour consolidation has possibly ended and its now trying to head higher. In the short term, I expect Vedanta to move back to the top to the 195 levels and beyond before another round of consolidation.
VEDANTA formed a head and shoulders pattern last week and tested the bear trendline today . Can go short once a bearish candle forms around the trendline , stop loss above the shaved bearish bar , and targets for the support levels .
Sell Vedanta on a rise with a stop loss of 158.3 and targets of 148.5/146 for 13th Feb.
Adjust trading volumes as per entry price.
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Sell VEDL with SL of 166 with targets of 161.1/159.5.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should...