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7 months ago
BUZZ-India's Tata Steel rises to over 2-yr high; technicals signal more upside
January 11, 2017 / 5:37 AM / 7 months ago

BUZZ-India's Tata Steel rises to over 2-yr high; technicals signal more upside

** Shares of steel maker Tata Steel Ltd rise as much as 4.35 pct to 450.7 rupees, their highest since Dec 2014

** Stock has cleared a resistance at 435 rupees, the 61.8 pct Fibonacci retracement level of the fall from Jun. 9, 2014 high of 579.9 rupees to Sep. 29, 2015 low of 199.7 rupees reut.rs/2iDNvIK

** Price volume trend (PVT) indicator at record high; a positive sign

** Trend Intensity indicator (TI) rises to 16 from Tuesday's 14, indicating a new uptrend

** MACD is positive and above its signal line, another positive for the stock

** Stock up 10.4 pct this year as of Tuesday's close, compared with a 1.26 pct gain in the NSE index

gaurav.dogra.thomsonreuters.com@reuters.net

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