VEDL - Resistance Breakout + Pullback + Fibonacci

1 thg 3, 2022

1. VEDL gave breakout from Trend line on 4th Feb. It moved well and then took resistance at previous peak.
2. It did a pullback to previous resistance which acted as support now & bounced back.
3. Now it is testing same resistance zone around 385, breakout from which can give some push to new high.
4. Plot fibonacci on the retracement to see how beautifully it has again followed it & possible extension targets.

Trade with less quantity as market is still uncertain.
In case of gap up opening above 385, wait for retracement to test 385 zone.
Best case is when stock opens below 383 and slowly moves upward and break 385 with some consolidation.

Thanks
Piyush Gupta
Learn & Earn