September 3, 2018 / 4:57 AM / 2 months ago

BUZZ-India's Lupin hits more than 7-mth high; technicals suggest further upside

** Drugmaker Lupin Ltd’s shares gain as much as 2.84 pct to 957.9 rupees, highest since Jan. 25

** Stock breaks above the neck line of a complex inverted head and shoulder reversal pattern, suggesting the primary downtrend, which started in October 2015, may have ended reut.rs/2oApMO8

** Stock also breaks above a descending trendline and a resistance at 928.85 rupees, the 14.6 pct Fibonacci retracement level of the downtrend from Oct. 1, 2015 high to May. 15 2018 low

** Breakout suggests stock may now rise up to the next resistance at 1,055.3 rupees, the 23.6 pct retracement level

** Breakout is supported by volume; stock’s 30-day average volume is about 60 pct higher than its 200-day average

** Trend Intensity (TI) indicator rises to 21, suggesting prices are trending upwards, MACD is also positive and above its signal line

** Stock up 13 pct in the last one month as of Friday’s close, compared with a 2.85 pct gain for the broader NSE Index

Reporting by Gaurav Dogra

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