VEDL - Keep a close watch for ATHAll the metal stocks have been on a tear this year, and Vedanta is no different.
While most of the them are currently at their all time highs, Vedanta is still far from its ATH made in 2010.
It is nearing its previous peak of 2018, which will act as a strong resistance zone.
Keep a close watch, and if the share closes above 355, we can expect smooth ride to 440.
Support is currently placed near 315 levels, which can be kept as a stop loss.
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VEDL trade ideas
WAIT FOR A PULLBACK TO ENTER LONGS IN VEDLVEDL had a successful breakout on 29.07.21 and would have given around Rs 60 profit. Since the stock is an uptrend would it be prudent to enter now.
My thinking is since the stock has given a good profit in the push phase we should wait for a pull back to enter fresh longs.
Also we have a negative divergence. So wait and watch before committing to fresh longs.
Vedl Vedanta Ltd, Swing Setup Long60 min demand Rally Base Rally
4 hour time frame , there is a negative divergence that means price will take correction most probably
we will wait for price to come to our 60 min zone
entry should be inside the zone . zonal entry Limit Order. in this way maximum Reward can be aquired from this setup.
minimum 5 Reward can be easily achieved in this setup if it works in our favor.
Happy Trading.
Vedanta - Short term tradeWith commodities moving sharply after the US announced the new Infra bill..
Ved could break above the channel.
Long above 325. SL 315 Target 350.
Its a short term trade of of upto 5 days.
At that point vedanta could trigger a massive positional trade with a box breakout (resistance between 350-355) But we would have a nice margin of safety from this lower buy.
Would double the position above 355