April 3, 2019 / 4:45 AM / 3 months ago

BUZZ-India's Tata Motors at near 6-mth high; chart suggests more upside

** Tata Motors Ltd’s shares gain as much as 2.96 pct to 208.95 rupees, their highest since Oct. 8, 2018

** Stock breaks here above a resistance at 196.8 rupees, the 14.6 pct Fibonacci retracement level of the downtrend from Sept. 7, 2016 high to Feb. 8, 2019 low

** Breakout is supported by volume as stock’s five-day average volume is about 74 pct higher than its 30-day average volume

** Breakout suggests, in the near term, stock may rise up to the next resistance at 239.15 rupees, the 23.6 pct retracement level

** Stock’s wave pattern suggests, it is in the first wave of a five wave uptrend

** Trend intensity (TI) indicator rises two points to 17, suggests, stock is in early stages of a new uptrend, MACD is positive and above its signal line

** Stock up 17.5 pct this year as of Tuesday’s close, outperforming the broader NSE Index’s 7.8 pct gains in the same period (Reporting by Gaurav Dogra)

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