May 31, 2019 / 4:53 AM / 4 months ago

BUZZ-India's Asian Paints hits over 3-week high; chart points to more upside

** Shares of Asian Paints Ltd gain as much as 3.55% to 1,423.45 rupees, highest since May 7

** Stock breaks above a resistance at 1,391.98 rupees, the 23.6% Fibonacci projection level of the uptrend Oct. 23, 2018 low to April 3, 2019 high tmsnrt.rs/2WqWlAL

** Stock also breaks above its 20-day exponential moving average

** Breakout suggests that in a couple of days stock may test the next resistance at 1,452.16 rupees, the 38.2% projection level

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

** Stock up 0.11% this year as of last close, and has underperformed the broader NSE Index’s 9.97% gain in the same period (Reporting by Gaurav Dogra)

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