Vedanta Short Term Analysis

Vedanta:- Vedanta has been in the downtrend for 2 years. Made a high of 355.7 in January 2018 after this high stock made the low of 125.3 in August 2019, corrected almost 65% from its high. Currently, the stock is trading in a range of 165 to 135 within the range of 30 rupees, facing strong resistance at 165. The 50 Week EMA is standing at the same level 164.5. This indicates the stock may face a little bit of resistance at this level. On the daily chart, the price has moved above the 200 EMA with a Gap Up open. The price moved above the 200 EMA almost 1.5 years since then it had been below the 200 ema. A symmetrical triangle pattern is formed at the downtrend and the stock has given the breakout of this triangle. MACD and RSI showing the strength in the price as both have positive divergence. The Metal Sector has also gained a positive momentum that indicates the change in the trend of the metal sector. All these development signifies that the is changing it's from down to up. The breakout of the 165 level will push the stock higher. Keep Your Eye on this stock.