VEDL is under my radar from last week and I was expecting resistance at 80 on Monday though overall structure is very Bullish as there was writing in 80 CE on Apr 8 and 9. VEDL reversed from 79.45, but hold on 77, closing @78.30.
Let's see what it hold for the coming days. Monthly chart shows the formation of Double Bottom around 60 zone and prices are showing reversal.
The weekly chart shows Doji formation in Mar 30-Apr 3 week at a support zone of 60. RSI also took support and reversed along with good up move in VEDL next week. Now MACD also showing slow momentum on the downside. So the weekly chart suggests further up move possibility.
The daily chart shows good consolidation from Mar 23 - Apr 3 in the 60-69 zone. MACD is given bullish crossover too! The daily chart shows resistance at 86-92 that is the GAP zone and above 92 @ 105-106.
The chart shows up move is backed by good volumes.
Gann Angles
Gann Angles resistances 82/88-90/92-93/96-97/101-102/104-106 (Not all angles shown here).
Future OI analysis
On Mar23-25 good Long positions built up when price was in the range of 60-68. These positions are not yet squared off. So OI in future is Long positions.
Option Chain
Option chain suggest resistance 90/100 once 80 is taken out. If we analyse past data, it seems LONG positions were built up in 80 CE on Mar23-27, in 90 CE on Mar 26 and Apr 7 and in 100 CE on mar26-27 and Mar 31.
The following table summarises Reistances/Targets for VEDL in the coming days.
Support is at 72-73 followed by 68-69.
Let's see what it hold for the coming days. Monthly chart shows the formation of Double Bottom around 60 zone and prices are showing reversal.
The weekly chart shows Doji formation in Mar 30-Apr 3 week at a support zone of 60. RSI also took support and reversed along with good up move in VEDL next week. Now MACD also showing slow momentum on the downside. So the weekly chart suggests further up move possibility.
The daily chart shows good consolidation from Mar 23 - Apr 3 in the 60-69 zone. MACD is given bullish crossover too! The daily chart shows resistance at 86-92 that is the GAP zone and above 92 @ 105-106.
The chart shows up move is backed by good volumes.
Gann Angles
Future OI analysis
On Mar23-25 good Long positions built up when price was in the range of 60-68. These positions are not yet squared off. So OI in future is Long positions.
Option Chain
Option chain suggest resistance 90/100 once 80 is taken out. If we analyse past data, it seems LONG positions were built up in 80 CE on Mar23-27, in 90 CE on Mar 26 and Apr 7 and in 100 CE on mar26-27 and Mar 31.
The following table summarises Reistances/Targets for VEDL in the coming days.
| Standard TA | Gann Angles | Option Chain | Remarks | |
| 80 | 80 | |||
| 82 | Minor | |||
| Gap Zone | 86 | 88 | Strong | |
| W-9MA | 90 | 90 | 90 | |
| Gap Zone | 92 | 92-93 | Strong | |
| Strong Reversal | 96 | 96-97 | Strong | |
| prior to GAP | 101-102 | 100 | ||
| 105-106 | 104-106 | Strong |
Support is at 72-73 followed by 68-69.
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