Stocks

Tata Motors near 6-month high; chart suggests more upside

Reuters April 3 | Updated on April 03, 2019 Published on April 03, 2019

Tata Motors Ltd's shares gained as much as 2.96 per cent to Rs 208.95, their highest since October 8, 2018.

The stock has broken above a resistance at Rs 196.8, the 14.6 per cent Fibonacci retracement level of the downtrend from its September 7, 2016 high to its February 8, 2019 low.

The breakout is supported by volume as the stock's five-day average volume is about 74 per cent higher than its 30-day average volume.

The breakout suggests, in the near term, the stock may rise up to the next resistance at Rs 239.15, the 23.6 per cent retracement level.

The stock's wave pattern suggests it is in the first wave of a five-wave uptrend.

The trend intensity (TI) indicator has risen two points to 17, suggesting the stock is in early stages of a new uptrend, MACD is positive and above its signal line.

The stock is up 17.5 per cent this year as of Tuesday's close, outperforming the broader NSE Index's 7.8 per cent gains in the same period.

Published on April 03, 2019

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