June 21, 2018 / 4:46 AM / 3 months ago

BUZZ-India's Reliance Industries hits record high; upside seen - technicals

** Oil-to-retail conglomerate Reliance Industries Ltd’s shares gain as much as 1.23 pct to 1,031.8 rupees, a record high

** Stock has cleared a resistance at 1,008.4 rupees, the 23.6 pct Fibonacci projection level of the uptrend from the Aug. 24, 2015 low to the Jan 23, 2018 high reut.rs/2MJ4BEg

** Price volume trend, also at a record high, supports the breakout

** Breakout suggests, stock may now move towards the next resistance at 1,093.4 rupees, the 38.2 pct projection level

** Trend Intensity (TI) indicator rises to 32, suggests stock is in a strong uptrend

** MACD is positive and above its signal line

** Stock is up 10.7 pct this year as of Wednesday’s close, outperforming the broader NSE index’s 2.3 pct gains (Reporting by Gaurav Dogra)

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