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BUZZ-Aurobindo Pharma hits near 2-month high; further upside seen - technicals
June 16, 2017 / 5:12 AM / 3 months ago

BUZZ-Aurobindo Pharma hits near 2-month high; further upside seen - technicals

** Shares of Aurobindo Pharma rise as much as 2.88 pct to 662.45 rupees, their highest since April 19

** Stock clears resistance at 652 rupees, the 38.2 pct Fibonacci retracement level of the downtrend from the Oct 6, 2016 high to May 29, 2017 low tmsnrt.rs/2t8uhR1

** Stock also breaks above the cloud, seen bullish for the stock. Cloud’s tenken line crossed kijun line last week

** RSI’s break above 60 also seen positive. Resistance was seen near RSI level of 60 points in January and March

** MACD is also positive and above its signal line

** Stock was down 3.8 pct this year as of Thursday’s close, compared with a 17 pct gain in the NSE index

RM: gaurav.dogra.thomsonreuters.com@reuters.net

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