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BUZZ-Tata Steel hits over 2-1/2-yr high; technicals signal further upside
May 26, 2017 / 7:10 AM / 6 months ago

BUZZ-Tata Steel hits over 2-1/2-yr high; technicals signal further upside

** Tata Steel Ltd rises as much as 5.6 pct to 511.9 rupees, its highest since Sept 2014

** Stock clears a resistance seen around 497.54 rupees, the 23.6 pct Fibonacci projection of wave (1). Breakout suggests stock may move towards 540.74 rupees, the 38.2 pct Fibonacci projection level tmsnrt.rs/2rnwKt1

** Stock’s 20-day exponential moving average (EMA) crossed above its 50-day EMA this week, seen positive for stock. MACD is also positive and above its signal line

** German industrial group Thyssenkrupp and Tata Steel expect a merger of their European steel businesses to yield annual savings 400-600 mln euros, a report said on Thursday

** Tata Steel stock is up 49.3 pct in the past one year, compared with a 19.9 pct gain in NSE index, as of Thursday’s close (RM: gaurav.dogra.thomsonreuters.com@reuters.net)

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