July 26, 2018 / 5:42 AM / 21 days ago

BUZZ-Indiabulls Housing Finance hits 3-month high; chart suggests more upside

** Indiabulls Housing Finance Ltd’s shares gain as much as 2.9 pct to 1,345 rupees, highest since April 23

** Stock breaks above a resistance at 1,300.59 rupees, the 23.6 pct Fibonacci projection level of the uptrend from Dec 27, 2016 low to Jan 29, 2018 high reut.rs/2JXBRFd

** Breakout suggests stock may now rise up to the next resistance at 1,420.81 rupees, the 38.2 pct projection level

** Wave pattern suggests that a “double three” correction has completed and stock is now in the first wave of a five-wave uptrend

** Stock’s 20-day exponential moving average (EMA) cuts above the 50-day EMA, seen bullish for stock

** Trend intensity indicator rises to 20, suggesting an uptrend for stock; MACD is also positive and above its signal line

** Stock up 9.26 pct this year as of last close, compared with the broader NSE index’s 5.7 pct gain (Reporting by Gaurav Dogra)

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