April 5, 2019 / 6:33 AM / 5 months ago

BUZZ-India's UltraTech Cement at 3-1/2-month high, technicals suggest further upside

** UltraTech Cement Ltd’s shares gain as much as 1.95 pct to 4,159.35 rupees, highest since Dec 19, 2018

** Stock breaks above a descending trend line tmsnrt.rs/2I0jjaX

** Stock also breaks above a resistance at 4,088.25 rupees, the 61.8 pct Fibonacci retracement level of the downtrend from Jan 17, 2018 high to Oct 23, 2018 low

** Rise in price is supported by volume as the 5-day average volume is over 20 pct higher than the 30-day average volume

** Close above the trend line may lead to further rise up to the next resistance at 4,283.8 rupees, the 76.4 pct retracement level

** Trend intensity (TI) indicator rises to 21, suggesting an uptrend for the stock; MACD is positive and above its signal line

** Stock up 18.4 pct in the last two months, outperforming the broader NSE Index’s 6.3 pct gains in the same period (Reporting by Gaurav Dogra)

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