The stock has shown good movement in last week and is nearing oversold we may see a momentary correction for 260 levels. Markets near lifetime high and sharp correction seen in Bank Nifty may also pull down the share. Long term 300 targets intact.
Here, I have analysed Vedanta which will guide me in making trading decisions for it , for the coming week.
I'll wait for any opportunity that provides good RR.
Sharing if it helps :)
It is been observed on the Daily Chart that the price action firstly breaks above the strong resistance levels of 248 levels and then retested the resistance and confirmed it as strong support levels. Now, it shall further go up to next resistance levels at around 270 levels.
Target 1: 260
Target 2: 269
Stoploss: 248
Vednata has been trading in uptrend really and doesn't seem to stop, it is now on the short term channel support and may go further down to next support around 233 only if it breaks the 245. short only below 245.
Last time I touched on Vedanta for short term opportunity. The weekly chart is showing a classic pattern based on Dow theory. Clear consolidation phases and markup phases. Let's see if this holds up.
Metal stocks have outperformed the sensex in the past year. The price of Vedanta has doubled in the past year and the stock is still showing strength. Recently the stock touched the yearly high of 240. Since the past few trading sessions the stock has dipped to 216 levels. This is a good price to enter this stock. The spinning top is indicative that the bear run...
Metal stocks have shown long term weakness with respect to BSE500, with support at 6000 levels. Another interesting point to note is that the index has short upward cycles but downward trends tend to drag out for 2 to 3 times the timelines of the upward trends, notable exception being the trend between 2005 and 2008.
Both the MACD and the relative strength...
Vedanta Ltd. has been trading in bullish trend and trading in a channel and seems strong enough to go further upside with a target of 240 as channel resistance. traders may go long on this stock slightly lower price for better entry price. It closed on bullish engulfing candle stick pattern which is good as buyer have taken control.
