Vedanta has broken the bullish flag on the hourly chart and has also given daily closing above the resistance level.one can buy on retracement for a target 0f 265 and 271. stop below 255.
This is just my view. please trade according to your plan and risk management.
Vednata has been trading in uptrend really and doesn't seem to stop, it is now on the short term channel support and may go further down to next support around 233 only if it breaks the 245. short only below 245.
Last time I touched on Vedanta for short term opportunity. The weekly chart is showing a classic pattern based on Dow theory. Clear consolidation phases and markup phases. Let's see if this holds up.
Metal stocks have outperformed the sensex in the past year. The price of Vedanta has doubled in the past year and the stock is still showing strength. Recently the stock touched the yearly high of 240. Since the past few trading sessions the stock has dipped to 216 levels. This is a good price to enter this stock. The spinning top is indicative that the bear run...
VEDL has formed a Doji Candle at resistance. Presenting good risk to reward.
From Current Market Price.
Risk- 4 Rs, Reward 10 Rs.
Go short till SL is saved, If taken out then it can reach 240.
Dear Friend..
Hello!
vedanta is coming from swing high to respect the market and going to downward direction, a good oppetunity for swing trader to take short position, my strong view on short it cause it is also on resistance level, if any one seeing and agree on my view can go shortsell@232.50 SL 245 and Target@206.20, Kindly Check RRR..Best of luck and Happy...
