Vedanta: How technical analysis helped us capture a 15% movement
Vedanta
On 20 May we had recommended this idea as cash buy for a target of 97.5 & above 98 for extended target of 102 / 104.
- first we observed Vedanta trading in upward channel highlighted by the blue lines
- we got further cues from trading pattern observed at the green gap zone
- it acted as resistance on previous 3 occasions & there was signs of gap zone potentially acting as support.
- and that is precisely what it did. It reversed exactly from lower end of gap zone
As far as target is concerned we see another gap zone between 104- 111 odd levels highlighted by red zone. So to ensure trade execution we gave a target slightly below 104 at 102. And that's the level where Vedanta made a high - 102.50
And we were able to capture a nice 15% in just 10 trading sessions :-)
If you want to learn, you can message me in private chat.
Message only if you are serious about learning.
Regards,
Vaibhav Deshpande
On 20 May we had recommended this idea as cash buy for a target of 97.5 & above 98 for extended target of 102 / 104.
- first we observed Vedanta trading in upward channel highlighted by the blue lines
- we got further cues from trading pattern observed at the green gap zone
- it acted as resistance on previous 3 occasions & there was signs of gap zone potentially acting as support.
- and that is precisely what it did. It reversed exactly from lower end of gap zone
As far as target is concerned we see another gap zone between 104- 111 odd levels highlighted by red zone. So to ensure trade execution we gave a target slightly below 104 at 102. And that's the level where Vedanta made a high - 102.50
And we were able to capture a nice 15% in just 10 trading sessions :-)
If you want to learn, you can message me in private chat.
Message only if you are serious about learning.
Regards,
Vaibhav Deshpande
