In terms of Wave Count, Vedanta seems ready for a retracement
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...
Posting my EW counts of VEDL one can plan as per the projected wave resistance. Any correction is welcomed.
Buy Near 194 With Stop Loss 130 For Target 285 and 365. Above 245 if sustain Target 550
Keep an eye on this one, Be careful on long side.
#daily trend is up just for reference
Vedl giving but BO abv 203.30 for tgt 205/208
Vedanta at crucial resistance and waiting for Trend line breakout. If Trendline breakout occurs, Next Target 300. TARGET 300 STOP LOSS 190
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.