August 29, 2018 / 6:28 AM / 9 months ago

BUZZ-Indian agrochemicals maker UPL hits over 2-month high; may test 741.7 rupees - Technicals

** Shares of agrochemicals maker UPL Ltd gain as much as 3.65 pct to 678 rupees, highest since June 19

** Stock breaks above a resistance at 663.55 rupees, the 23.6 pct Fibonacci projection level of the uptrend from Feb. 12, 2016 low to Aug. 1, 2017 high reut.rs/2PJXUmS

** Breakout suggests the 23.6 pct level will now act as a support, while stock may move towards the next resistance at 741.7 rupees, the 38.2 pct level

** Stock’s wave pattern suggests it’s in the initial wave of a five-wave uptrend that will constitute a longer-term wave (5)

** Trend Intensity (TI) indicator rises to 18, suggesting stock is trending upwards; MACD is also positive and above its signal line

** Stock down 14.23 pct this year as of last close, while the broader NSE Index is up 11.47 pct in the same period (Reporting by Gaurav Dogra)

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