March 29, 2019 / 6:33 AM / 4 months ago

BUZZ-India's Vedanta at near 2-mth high; chart suggests more upside

** Shares of Vedanta Ltd gain as much as 4.13 pct to 185.4 rupees, their highest since January 31, 2019

** Stock breaks above a resistance at 176.45 rupees, the 14.6 pct Fibonacci retracement level of the downtrend from January 29, 2018 high to February 15, 2019 low tmsnrt.rs/2V1hzAZ

** Breakout suggests that in the near term, stock may test the next resistance at 195.35 rupees, the 23.6 pct retracement level

** Stock also breaks above its Ichimoku cloud, seen as a bullish sign

** RSI breaches the 60 level for the first time since September 2018, seen as an indication of reversal of the downtrend

** MACD is positive and above its signal line

** As of Thursday’s close, stock is up about 22 pct since hitting a year low of 145.8 rupees on February 15

Reporting by Gaurav Dogra; Editing by Uttaresh.V

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