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.
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 ...
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.
VEDL spot on Daily chart. On weekly, u will see upmove was corrective to prior downmove. U see multiple MACD/Fisher divergences on weekly/daily/hourly. Plus a potential ED marked in green and targeting 204 in next 11 days targeting the purple line. What further confirmed top was selling excess at 276.