TGT and SL
It is observed that Vedanta is moving in an ascending channel. So lower trendline is support and per is Resistance. So it can breakout either ways. So watchout for the breakout. Tgt after breakout would be the height of channel, in this case is 25 pts. since it is a long channel, breakout would be more reliable. Also you can observe that...
Vedl can be bought now for a target of 260.
Stop loss around 242 which is the point from which it gapped up to break the ascending triangle which is a strong buy sign.
Best setup is to book half profits at 260 and wait for it to break the resistance zones which will allow it to reach 280 levels.
Vedanta is following an ascending triangle pattern...
Short VEDL for the targets of 230 with the stoploss of 238.5
Note: Do your own study before making any position...
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Price is trying and should break this resistance of 246.RSI and MACD both are bullish. Also price is just hugging the 20ema,so it has enough room to run after breakout. One can buy above resistance once you get a clear breakout for targets of 260 and then 271.
The stock has shown good movement in last week and is nearing oversold we may see a momentary correction for 260 levels. Markets near lifetime high and sharp correction seen in Bank Nifty may also pull down the share. Long term 300 targets intact.
It is been observed on the Daily Chart that the price action firstly breaks above the strong resistance levels of 248 levels and then retested the resistance and confirmed it as strong support levels. Now, it shall further go up to next resistance levels at around 270 levels.
Target 1: 260
Target 2: 269