Aurobindo Pharma at over 4 month high; chart points to more upside

Reuters April 26 | Updated on April 26, 2019 Published on April 26, 2019

Shares of Aurobindo Pharma Ltd has gained as much as 3.68 per cent to ₹ 824.8, highest since December 5, 2018

The stock has broken above a resistance at ₹ 810.92, the 38.2 percent Fibonacci projection level of the uptrend from June 4, 2018 low to Dec 4, 2018 high (wave 1)

The breakout suggests in a couple of days stock may test the next resistance at ₹ 846.73, the 50 percent projection level. The stock's wave pattern suggests it is in the third wave of a five-wave uptrend. Trend intensity (TI) indicator rises two points to 15, suggests stock is in early stages of a new uptrend. The MACD too is positive and above its signal line.

The stock up 8.54 per cent this year as of last close, compared with the broader NSE index's 7.17 percent gain.

Published on April 26, 2019
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