NSE:VEDL is trying to get back from a fall by gaining from a 52 Week low 221.60 but it still continue in downward. It struggling more to get back if it opens above 240 in coming week it ll'be back to uptrend. 240 is a breakout point.
i belive every stock had an habit in which it move. this habit can be defined by angles of trendline, support/resistance, time taken to achieve an price level, and many more bais parameters. the relationship between price and time keeps on changing (mostly it changes near an key support or key resistance)...study the past and predict the futures.
VEDL moves mostly as Copper price moves. Price at the support zone. Copper price is also heading towards 2.900 which may give some support. Copper holding this level can give support to VEDL. Till then more downside is possible.
A bottom was created in January 2016 and since then a strong bull run has continued unabated. In June 2016 50 and 100 DMA gave a upward cross to 200 DMA which boosted the spirit of bulls. Now 350 is the strong resistance zone. So price again seeking support at 200 DMA. History repeats itself. Just as all earlier times, this time too one can expect price to head ...
wait to see if it breaks the resistance line successfully.....dont buy immediately....wait for price to retrace to breakout zone...put ua buy order there....with stop loss and trgt mentioned on chart...not a sebi registered analyst.....kindly take expert suggestion...
Market Analysis: The pair is now trading near the demand zone. Now it has formed a double bottom near the zone level. If the market is able to break the resistance and closes above 295. We can go for a long with a target of 315. So let's wait and see what the market does in the coming days. Cheers!
The stock has rallied and retraced back. It formed a bearish AB=CD pattern in Daily chart and it is consolidating. Breaking that box will be next move. I speculate it will break downside to 290. One can initiate short with SL at 303 or 306 for a target of 290.
VEDL has been in correction phase after the impulse move and is experiencing resistance on the upside. if it breaks through that pattern downside, it may fill the Gap and moreover it can test the 230 Whole number. If it breaks to the upside, Then the trade will become invalid.
Enter According to the price action.