vedl will remain bullish till the three white soldiers' first candle low does not break and maybe it consolidate at this point because of the good rally. but remains bullish
A steep fall which can be counted as 12345 impulse , suggests that vedanta stock is taking a correction in the form of a ZIGZAG pattern. The current rise looks like a corrective sequence of short term bearish trend which will complete this zigzag correction. One should look for short opportunity near 310 zone. keeping sl of 328 & target for the region of 260 /240 .
Bullish divergence met target &daily rounding pattern breakout in progress and weekly approaching a very wide weekly W pattern breakout neckline. Cautious of a weekly bearish divergence emerging &use tight stop loss at rounding pattern neckline
All the metal stocks have been on a tear this year, and Vedanta is no different.
While most of the them are currently at their all time highs, Vedanta is still far from its ATH made in 2010.
It is nearing its previous peak of 2018, which will act as a strong resistance zone.
Keep a close watch, and if the share closes above 355, we can expect smooth ride to...
1) Descending triangle pattern breakout
2) Pivot Points Camarilla R4 breakout
3) Golden cross in WEEKLY Chart
4) Net profit for the Jun-21 quarter grew 4-fold at Rs4,224cr on a yoy basis
5) PE RATIO: 9.64 PB RATIO:1.44 DIVIDENT YIELD:3.16%
MACD showing strength
outperforming broader markets
Metal sector looking good
Vedanta has given breakout from its short term consolidation range.
Things looking good.
NSE:VEDL has given good breakout and will keep pushing on high towards Rs405 levels by November/December. Steel sector along with metals is in supercycle of bull phase.
Keep in watchlist, use your risk management along with entry strategy to enter the trade if you feel like.
