July 12, 2018 / 6:17 AM / in 4 months

BUZZ-India's UltraTech Cement hits near 2-month high; further upside seen - technicals

** Shares of UltraTech Cement Ltd gain as much as 2.48 pct to 4,050 rupees, highest since May 16

** Stock breaks above a resistance at 4,007 rupees, the 38.2 pct Fibonacci retracement level of the uptrend from Dec. 27, 2016 low to Jan. 17, 2018 high (wave 5)

** Breakout suggests stock may rise towards the next resistance at 4,201 rupees, the 14.6 pct Fibonacci projection level of the uptrend from Nov. 25, 2008 low to Jan. 17, 2018 high (wave (3))

** Stock’s wave pattern suggests it’s in the first wave 1 of a five-wave uptrend that will constitute a larger wave (5)

** Trend intensity (TI) indicator rises to 18, suggests index is in early stages of a new uptrend

** MACD is positive and above its signal line

** Stock down 8.54 pct this year as of last close, while broader NSE Index up about 4 pct in the same period

Reporting by Gaurav Dogra

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