March 27, 2019 / 5:19 AM / a month ago

BUZZ-State bank of India breaks resistance at 306 rupees; hits near 7-mth high

** Shares of State Bank of India breaks above a resistance at 305.8 rupees, the 50 pct Fibonacci projection level of the uptrend from March 23, 2018 low to Aug. 10, 2018 high tmsnrt.rs/2HOafpJ

** Stock gains as much as 2.11 pct to 309.9 rupees, highest since Sep. 3, 2018

** Breakout suggests, in the near term stock may test the next resistance at 316.9 rupees, the 61.8 pct projection level

** Stock cuts above its parabolic SAR, seen favorable

** Stock’s wave pattern suggests, it is in the third wave (wave (3)) of a five wave uptrend

** Trend intensity (TI) indicator rises to 28, suggests prices are trending upwards

** MACD is positive and above its signal line

** Stock up about 14 pct in the last one month as of Tuesday’s close, outperforming the broader NSE Index’s 6 pct gains in the same period

Reporting by Gaurav Dogra

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