Shoulder Breakout in VEDLOn a daily chart VEDL has just broken its previous shoulder and forming its rising shoulder pattern which is a bullish pattern. Short term trader can go long with stop loss at 73.80 and long term investor can maintain their stop loss at 65 which is a very strong support zone. Tripple bottom pattern has been formed at this price. Even the near term resistance is 83% far away from the current level which is at 161.
NSE:VEDL
VEDL
Vedanta After correcting from the levels of almost 160 continuously vedl has given a positive weekly candle close in the previous week closing abv 60. Still the last week's high is acting as a resistance and selling is coming at that level. Expect that the stock is trying to give a breakout and in such scenario's often the long are first cut out by a steep decline and the a bounce is given . Such pattern suggest a flag making and can make a sharp rise if given weekly closing abv last weeks high. :)