Vedanta is trading in Parallel channel zone for almost a year now, if single candle closes above the resistance line it then targets 173/206 for short to medium term. If get rejections at resistance target is lower support line at 110-120 range.
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!
Vedanta Chart formed Bullish Pennant.
Entry 168.4
Stop Loss - 165.65
Target.. 175
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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 Limited Daily Chart
Trading Idea for Intraday
Go Short below 174 for target of 171-170 Stop Loss 176.5
Go Long above 176.50 for target of 178-180 Stop Loss 174
By CA.Mahim Dangi
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.
Disclaimer :
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