January 21, 2019 / 4:40 AM / a month ago

BUZZ-India's NSE Index breaks resistance at 10,924, may test 11,067 - Technicals

** India’s NSE Index gains as much as 0.71 pct and breaks above a resistance at 10,923.78 points

** Resistance at 10,923.78 points is identified here.jpg as the 23.6 pct Fibonacci projection of the uptrend from Oct. 26 2018 low to Dec. 19, 2018 high

** Breakout suggests, index may test the next resistance at 11,066.96 points, the 38.2 pct projection level

** Stock’s wave pattern suggests, it is in the final wave (C) of a higher degree wave 1, which itself is the initial wave of a five wave uptrend (wave (5))

** MACD is positive and above its signal line

** Index trades above its 20, 50 and 200-day exponential moving averages, seen favorable for the index

Reporting by Gaurav Dogra

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