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.
NSE:VEDL Long setup at 136.90 with SL at 136 and TP 138.70
Consult your registered adviser before taking any decision.
Always risk 1% of account size per trade, adjust the position size accordingly.
Price movement at the current level makes the chart very interesting. It has formed Descending Scallop pattern and gave breakout with good volume that could have drag the prices to 120 level. However it made a strong bar yesterday and thus formed divergence in RSI oversold Area. So I would prefer to consider it a failed Scallop breakout pattern and look for a...