January 29, 2018 / 5:19 AM / 20 days ago

BUZZ-India's NSE index breaks above a resistance, suggesting upside – technicals

** India's NSE index breaks above a resistance at 11,108, the 150 pct Fibonacci projection level of the wave 1 from Feb. 29, 2016 low of 6,825.8 to Sept. 7, 2016 high of 8,968.7 reut.rs/2EfWhbf

** Breakout is supported by a surge in volume as the average volume of last five days is 34 pct higher than last 30-day average volume

** Breakout suggests the index may now move towards the next and more critical resistance at 11,361 in the shorter term, the 161.8 pct projection level

** The 161.8 pct projection level is considered critical as reversal usually take place from this level

** MACD is positive and above its signal line, seen favourable for the index

Reporting by Gaurav S Dogra

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