ved:vedanta

Don't have time to put up all the charts - but quick view.

It seems to be testing these short term resistances:

Daily - trendlines
4H - testing 20sma
1H - testing 49sma
15m - testing 200sma

As these are all lining up - I think it will retrace, so next question is where.
Looking at the charts again, here is some of the possibilities for a short term retrace before another leg up. imo.

5m - 200sma support @ ~105-110
15m - 100sma @ ~ 110-112
1H-20sma @ ~ 108-112

So I think a quick retrace down to these levels and then see what it does from there.

I haven't looked at the chart in great detail in the long term. But looking at the 1H chart indicates taht it is on a healthy downtrend following the 49sma for resistance, so personally I won't be bullish until it breaks that resistance.

Although it has broke the 49sma & 100sma on the 15M - one to watch.

I would short this for a scalp trade down to 112 if I had to - but due to the spread etc, it isn't the greatest risk to reward.

Look like this could retest trendline at 1045 is it??

It could be a 123 high.
Only thing about 123 highs are that they are more common as most correction forms in a ABC fashion so its harder to be accurate with the 123 highs. So you do get a lot of false signals with them.
Just some thing to be aware of

sorry I meant a 123 high. with a close below 1140 indicating lower prices?

its not a 123 low as it has to come at the bottom of a down trend. This is near the top.
Its also dependant on what time frame your basing it on as well.
if it does finish above 1212 then it should head towards 1311.

look how the gap got filled perfectly on this one .It was resistance.

Remo, is this a 123 low approaching on VED? Trendline has already been broken so potentially this could fall further??