May 21, 2019 / 6:02 AM / 5 months ago

BUZZ-India's Bharti Infratel near 4-wk high; chart points to more upside

** Shares of telecom tower operator Bharti Infratel Ltd gain as much as 4.41% to 281.45 rupees, their highest since April 25, 2019

** Stock breaks above a resistance at 277.38 rupees, the 14.6% Fibonacci retracement level of the downtrend from Oct. 17, 2017 high to Oct. 4, 2018 low tmsnrt.rs/2Wi2v66

** Breakout suggests, in a couple of days, the stock may test the next resistance at 299.03 rupees, the 23.6% retracement level

** Stock’s wave pattern suggests that the third wave of either a five-wave or a three-wave uptrend has started. In both the cases, in a couple of months, the current wave is expected to travel up to a resistance at 334.15 rupees, the 38.2% retracement level

** MACD had cut above the signal line on Friday, seen as a bullish sign

** The stock is up 4.07% this year as of last close, compared with the broader NSE Index’s 8.9% gains in the same period (Reporting by Gaurav Dogra)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below