1) On 1 day time frame, we can see that it came out from the resistance channel.
Also it came out from the neck line of rounding bottom pattern and closed above 350 level.
Next resistance is at 360 level.
Safe buy on sustainable breakout of 360 level.
Please refer below chart : 1day Time Frame. ...
VEDL will be bullish after it crosses and trade above 276. Also it is trading in uptrend channel.
--For Intraday buy above 276. And Targets mentioned on charts are for Intraday purpose.
--For Positional Trade, buy above 276 only and keep next target 296 as per Fibonacci levels.
--If it breaks down the channel then it will go to test the demand...
Vedanta had a good breakout from the trendline, so give an entry with appropriate Stop loss
***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ******
Aggressive traders enter at the breakout and conservative traders may give entry after retracement (Retracement is optional,...
1. Potential change in MS underway
2. Still in consolidation mode
3. Symmetrical Triangle pattern
4. Flag & Pole formation
5. Early entry will give a better RR ratio
6. Support zone: 262-267
7. Target: 296, 320, 332, 350. Stop loss: 263
You are always advised to use an appropriate Risk-Reward ratio as per your strategy.