Stock is currently forming a falling wedge and descending triangle pattern and is showing signs of support at 264-265 levels on a 1Hr time frame. If the pattern is broken on the upside till 275 could be seen. Upon breaking, 275 levels of 280 and 287 will be the next target. Upon breakdown, a fall till 253 and 250 can be seen.
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This is only for educational purpose, don't consider this as Recommendation, am not responsible for your losses/Gains.
Reasons to Trade:
a) Price is near Resistance level
b) After a long uptrend, expecting some retracement untill down the support line drawn
#powerofpriceaction #rathrolaTrades #tradingviewindia
Note: This is for educational purpose only.
The price of VEDL is moving in a channel but there is a bearish cloud cover formation in VEDL which indicates there is a bearish sentiment. Expecting price to touch the lower part of the channel. Based on the price action when price reaches at the lower part of the channel, further trend can be determined.