September 19, 2018 / 5:58 AM / 3 months ago

BUZZ-India's Tata Steel hits 4-mth high, may gain further - Technicals

** Tata Steel Ltd rises 2.62 pct to 628.8 rupees, highest since May 17

** Company on Tuesday concluded the acquisition of 51 pct equity stake in Creative Port Development Pvt Ltd

** Stock breaks above a resistance at 624.5 rupees, the 23.6 pct Fibonacci projection level of the uptrend from Feb 12, 2016 low to Jan 31, 2018 high reut.rs/2pie1w4

** Breakout suggests stock may now move up to the next resistance at 705.85 rupees, the 38.2 pct projection level

** Stock’s wave pattern suggests it is in wave 1 of a five-wave uptrend

** Trend Intensity(TI) indicator rises to 18, suggesting prices are trending upwards, MACD is positive and above its signal line

** Stock up 5.62 pct in the last one month as of Tuesday’s close, while the broader NSE Index is down 1.67 pct in the same period (Reporting by Gaurav Dogra; Editing by Sunil Nair)

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