Shares of agrochemicals maker UPL Ltd gain as much as 3.65 percent to Rs 678, highest since June 19.
The stock breaks above a resistance at Rs 663.55, the 23.6 percent Fibonacci projection level of the uptrend from February 12, 2016 low to August 1, 2017 high.
Breakout suggests the 23.6 percent level will now act as a support, while stock may move towards the next resistance at Rs 741.7, the 38.2 percent level.
Stock’s wave pattern suggests it’s in the initial wave of a five-wave uptrend that will constitute a longer-term wave (5).
Trend Intensity (TI) indicator rises to 18, suggesting stock is trending upwards; MACD is also positive and above its signal line.
The stock has been down 14.23 percent this year as of last close, while the broader NSE Index is up 11.47 percent in the same period.
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