Vedanta_long
$NSE:VEDL VEDANTA FOR LONG BUY TOP TO DOWN ANALYSISNSE:VEDL Vedanta looks promising and ready for upmove, Cosidering the global scenario and the rise for demand in copper and semiconductors. Vedanta stood strong and our charts also shows a leg up trajectory.
VEDANTA chart have successfully bounced from 0.618 Fibonacci forming a double bottom pattern and currently trading at 269 which is again at weekly support of 0.5 Fib and taking support from upper trendline, Now expecting the price to move from here to 316, 342, 382 and last above 400.
For next 3 to 6 month could expect Vedanta to 300 or above and any dip below 260 is buy. Patience is key and wait till all factors come together. NSE:VEDL
Please note analysis is on weekly time frame so plan your trade accordingly, These are my POV so please DYOR, and this in not investment advise.
VEDANTA
Vedanta is currently forming a bullish flag pattern
Anytime if it breaks resistance with volumes then it can reach Target 1 and Target 2 in no time
Only hinderance will be dividend record date if it recovers the dividend deduction in quick sessions then the current play will give great returns
Currently I see a breakout might happen above resistance and retest to the resistance(it will become support)
Disclaimer - Please DYOR and don't place any calls based on above charting
VEDANTA - upside breakoutVedanta forms a Bullish triangle kind off pattern and if the pattern completes in the next few days we could probably see the levels of 400 in this counter, however 385.90 remains a previous demand zone.
So I have paced a buy call above 373.20 for a Target of 421 with a stop of 334.10.
Look out for good volume size of more than 16.00M
As per NSE we had volumes of 18,39,66,001 today.
Vedanta ltdThis stock is in wave 3rd of higher degree wave 5th, given breakout with good intensity of volume along with the upper bbc, macd and other indicators are also suggesting up move ahead towards north, one can go long at these levels or in dips with key levels mentioned on chart.
Wave Structure could be like this
Key Levels are mentioned on chart
macd in Weekly Uptick
macd in daily
Rsi in daily above 60 uptick
Breakout with good intensity of volume along with bbc
Dmi adx also positive Ungali setup
Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Please consult with your Financial advisor before trading or investing