Breakout On Monthly Timeframe
Technical Analysis of Vedanta Ltd (1M):
Price Levels:
The stock is currently trading at around ₹487, after peaking around ₹528 recently. This suggests that the price hit a strong resistance level around ₹520-530, which is a significant historical resistance zone, as indicated by the purple box.
Long-Term Trend:
Resistance Zone: The ₹520-530 area has been a critical resistance point multiple times in the past, dating back to 2007-2008 and 2010-2011. Each time the price has reached this zone, it has struggled to break through, leading to strong corrections.
Support Levels: In case of a pullback, the first major support zone is likely around ₹400, followed by ₹350. These levels have acted as support in prior downtrends.
Price Action:
The chart shows a long-term pattern where the stock makes strong rallies but struggles to maintain above the ₹500 level, often leading to sharp sell-offs. This current rally faces the same risk unless there is a decisive breakout above ₹530.
If the stock can break above this resistance and hold, there could be significant upside potential. However, if it fails to break out, the stock might again see a correction towards the ₹400-420 zone.
Outlook:
The key for Vedanta's future price movement will be its ability to break the ₹520-530 resistance zone. If the breakout fails, the stock is likely to retest lower support levels. A successful breakout could indicate the start of a longer-term uptrend.
Price Levels:
The stock is currently trading at around ₹487, after peaking around ₹528 recently. This suggests that the price hit a strong resistance level around ₹520-530, which is a significant historical resistance zone, as indicated by the purple box.
Long-Term Trend:
Resistance Zone: The ₹520-530 area has been a critical resistance point multiple times in the past, dating back to 2007-2008 and 2010-2011. Each time the price has reached this zone, it has struggled to break through, leading to strong corrections.
Support Levels: In case of a pullback, the first major support zone is likely around ₹400, followed by ₹350. These levels have acted as support in prior downtrends.
Price Action:
The chart shows a long-term pattern where the stock makes strong rallies but struggles to maintain above the ₹500 level, often leading to sharp sell-offs. This current rally faces the same risk unless there is a decisive breakout above ₹530.
If the stock can break above this resistance and hold, there could be significant upside potential. However, if it fails to break out, the stock might again see a correction towards the ₹400-420 zone.
Outlook:
The key for Vedanta's future price movement will be its ability to break the ₹520-530 resistance zone. If the breakout fails, the stock is likely to retest lower support levels. A successful breakout could indicate the start of a longer-term uptrend.
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