VEDL : VEDANTA LTD.
The Stock faced weakness for a Long time and Now Forming Bullish Structure and it looks promising, hopefully will be a Big Breakout from the falling trend.
As in the Weekly Chart, The Stock is Falling with the trend line continuously, Now Price reaching the trend line again. showing possibility of breakout. Important levels on the chart are marked by Red Support and Resistance line, those lines give us Next probable targets in the future.
Coming to the Second Chart which is a daily time frame, we find the Resistance of the Trend line will work around 120 level.. We can see increased Volumes supporting the possible breakout from the falling trend line.
2nd Chart on Daily Time frame is a closer Look at the chart, Showing a Strong Inverted Head and Shoulder Pattern. with this formation Neckline rests around 115 level and the Height of the Head from the Lows to the Neckline is approximately 55 Rupees, there might be small variation as it is a approximate measure. The Price has already crossed and closed above the Neckline, But there is a major hurdle in the form of Trend line resistance, which is around 120 levels.. If it is cleared, we may get a Move of approximately 55 rupees from the Neckline to complete the target of head and Shoulder.
Recommendation :
BUY VEDL, (VEDANTA LTD.) in the range of 110-115 with stop loss around 108-110 levels and Targets of 120, 120+ Close and sustain we might see 165-170 and 200-210 levels soon.
Disclaimer:
The Analyst does not hold any positions or does not have any vested interest in the recommended stock. Follow Strict Risk Management and Consult your Investment Advisor for more details.
You may Consult the Analyst at
WhatsApp : +91 8275 298 208 / Mail : 4x.magician@gmail.com
The Analyst is a SEBI Certified Investment Advisor, Global Market Expert and Fund Manager for Clients across the World. He is having experience of 8 years in Indian Equity Market and Similar experience in Global Market.
