Vedanta Limited (VEDL) Can’t Be More Risky. The Stock Formed a Bearish Double Bottom Chart Pattern

September 8, 2018 - By Jack Shaw

Vedanta Limited (NYSE:VEDL) Logo

The chart of Vedanta Limited (VEDL) shows a double bottom with $12.05 target or 5.00 % below today’s $12.68 share price. The 6 months chart pattern indicates high risk for the $12.28 billion company. It was reported on Sep, 8 by Finviz.com. If the $12.05 price target is reached, the company will be worth $613.85M less. Double bottoms are rare but powerful chart patterns.

The stock increased 0.56% or $0.07 during the last trading session, reaching $12.68. About 422,835 shares traded. Vedanta Limited (NYSE:VEDL) has risen 2.47% since September 8, 2017 and is uptrending. It has underperformed by 10.10% the S&P500.

Another recent and important Vedanta Limited (NYSE:VEDL) news was published by Benzinga.com which published an article titled: “30 Stocks Moving In Friday’s Pre-Market Session” on August 24, 2018.

Vedanta Limited, a diversified natural resources company, engages in exploring, extracting, and processing minerals, and gas and oil in India. The company has market cap of $12.28 billion. It produces gas and oil, zinc, lead, silver, copper, iron ore, and aluminum. It has a 7.66 P/E ratio. The firm also operates 600 megawatts of thermal coal based power facility in the State of Odisha; and 274 megawatts of wind power plants.

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