Vedanta for a fall.
In the first long term wave, we are in the second correction of the wave two and if you see the wave, it is in a third wave fall of the 3 sub waves which could be as deep as .618 fib levels as per me.
Also, it is now at a triangle resistance at the top of the trend line if you see the dark white line and the volumes have weakened significantly with no buying momentum. The fundamentals are bad with a 61 percent los QoQ. Plus, commodities and interest rates have an inverse relationship because higher interests lead to increased cost of holding and weakens demand. Now with the potential rate hikes on cards, my view of Vedanta is a fall with a target of 253.
If we open below the 274 support line, it is a further confirmation. For safety, it can be taken when the triangle breaks down.
The metal index also seems to be in the second corrective wave and with rate hikes, a correction seems on the way.
In the first long term wave, we are in the second correction of the wave two and if you see the wave, it is in a third wave fall of the 3 sub waves which could be as deep as .618 fib levels as per me.
Also, it is now at a triangle resistance at the top of the trend line if you see the dark white line and the volumes have weakened significantly with no buying momentum. The fundamentals are bad with a 61 percent los QoQ. Plus, commodities and interest rates have an inverse relationship because higher interests lead to increased cost of holding and weakens demand. Now with the potential rate hikes on cards, my view of Vedanta is a fall with a target of 253.
If we open below the 274 support line, it is a further confirmation. For safety, it can be taken when the triangle breaks down.
The metal index also seems to be in the second corrective wave and with rate hikes, a correction seems on the way.