July 27, 2018 / 5:44 AM / in 5 months

BUZZ-Tata Steel set to gain further - technicals

** Tata Steel Ltd rises 2.2 pct to highest since July 16, may have ended a corrective cycle that started in late January - technicals show

** Stock's wave pattern suggests the final wave E of a corrective cycle had ended on July 19 and is in the first wave of a five-wave uptrend reut.rs/2mNtJhi

** Stock breaks above a resistance at 535.05 rupees, the 38.2 pct Fibonacci retracement level of the uptrend from Feb 12, 2016 low to Jan 31, 2018 high

** Stock closer to its upper trend line, a break above which will confirm the end of a correction and may lead to price rise up to the next resistance at 616.4 rupees, the 23.6 pct level

** MACD cuts above its signal line, seen as a positive sign

** Stock down 19.2 pct this year as of last close, while the broader NSE Index is up 6.1 pct in the same period (Reporting by Gaurav Dogra; Editing by Gopakumar Warrier)

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