Short VEDL near 228 if it is possible, in case of up move add more shorts, or may be at the opening tomorrow. Strict SL- at 231 and target would be 220.
After a gud up move in VEDL , thier is rising wage in a rising market which is a strong reversal sign in downtrend . we hope after breakout of wage trend will be reverse in down side .
As seen Vedanta Limited has been in a strong uptrend and has formed a cup and handle pattern in the daily charts. A Breakout of this pattern would be our entry. As seen 225-227 levels has acted as an important support and then as an important resistance, which it failed to break on a couple of occasions as seen by the downward red arrows.
It is bullish in the...
Vedanta Ltd. has been trading in bullish trend and trading in a channel and seems strong enough to go further upside with a target of 240 as channel resistance. traders may go long on this stock slightly lower price for better entry price. It closed on bullish engulfing candle stick pattern which is good as buyer have taken control.
Vedanta which started it's journey UP from low of 58.15 on 12th February 2016 seems to have completed it's 5 waves UP at 233.70 on 11th November 2016.Nine months upside covered distance of 175.55.
The stock is now doing it's corrective wave A.
Till the time it keeps moving in the tube which it did since bottom@58- it is good as soon as it leaks out of the tube that will 1st sign of worry for Vedanta.
20 period moving average has given good support at 195- so, any close below 195 will be the first sign of weakness.
Also at previous resistance zone 230-235 should be crossed & sustained for the next leg...
Vedanta completed it's 3rd wave a month back at 175.80 and since then has been consolidating in ar range of 160 on downside and 180 on the Upside.
Today the breakout from that range happened on high volumes embarking the start of a fresh impulse as 5th wave.
Considering the vth wave is equal in Price to the 1st wave a minimum target of 200 to 210 is likely
VEDL has been taking support and resistance of the channel. Interesting to see the behavior of the prices in the zone of 175 - 180. Head & Shoulder can be shaping up too.
