June 26, 2019 / 5:08 AM / 8 months ago

BUZZ-India's Power Grid hits near 13-mth high; chart points to more upside

** Shares of Power Grid Corporation of India Ltd gain as much as 3.32% to 208.3 rupees, highest since May 31, 2018

** Stock breaks above a resistance at 205.55 rupees, the 23.6% Fibonacci projection level of the uptrend from Aug. 2, 2013 low to Aug. 8, 2017 high tmsnrt.rs/2ZKXC3t

** Breakout is supported by volume as the 5-day average volume is about 24% higher than the 30-day average volume

** Breakout suggests that, in the near term the stock may test next resistance at 226 rupees, the 38.2% projection level

** Trend intensity(TI) indicator rises two points to 22, suggesting prices are trending upwards

** MACD is positive and above its signal line

** Stock up 8.6% in the past month to Monday’s close, outperforming the broader NSE Index’s 4.3% gains in the same period (Reporting by Gaurav Dogra)

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