Vedanta hits 29-month low; chart suggests big down side

  • The stock has been forming inverted flag pattern in the daily chart around 155 to 165 level.
  • The stock has broken the major support at 190 level and hit a 29-month low on Feb 1, 2019 with a high-volume breakdown gap.

  • In the last 30 days, Vedanta has closed lower by 16.15% meanwhile Nifty metal index has closed 6.12% lower.
  • A break below the 155 level would provide confirmation for big down side rally.