Vedanta - buy setup

NSE:VEDL currently at about 160.95 looks to be forming an uptrend making higher highs and higher lows as indicated in the chart over the price action

Note this is a trade set up to go long. I would like to wait for price make a higher high first in this move (close on daily charts above 166 levels) and then hopefully retrace and make higher lows (should close above 144 levels) and then we are good to go long, hopefully we will have a 3rd touch on the RSI line too and confirm our buy opportunity

Keep looking at this space for more action and news on this chart development

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Nov 12
Order cancelled: As discussed above, NSE:VEDL was looking to make a move from Downtrend to an uptrend by breaking the previous high and making higher low. We were looking for a continuation of this and wanted to see more confirmation by another higher high and higher low being created.

However what we are seeing is a congestion zone (more of a rectangle channel) where price has failed to make a higher high and also found buying support at higher lows. I think still some bearishness prevails and any fresh entry in this stock must be taken seeking confirmation of trend change!

Look out for my latest ideas on this when a set up is established

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