Vedanta: How technical analysis helped us capture a 15% movementVedanta
On 20 May we had recommended this idea as cash buy for a target of 97.5 & above 98 for extended target of 102 / 104.
- first we observed Vedanta trading in upward channel highlighted by the blue lines
- we got further cues from trading pattern observed at the green gap zone
- it acted as resistance on previous 3 occasions & there was signs of gap zone potentially acting as support.
- and that is precisely what it did. It reversed exactly from lower end of gap zone
As far as target is concerned we see another gap zone between 104- 111 odd levels highlighted by red zone. So to ensure trade execution we gave a target slightly below 104 at 102. And that's the level where Vedanta made a high - 102.50
And we were able to capture a nice 15% in just 10 trading sessions :-)
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Regards,
Vaibhav Deshpande
