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Shares of UltraTech Cement today hit a near 2-month high, and technicals suggest further upside. The stock gained as much as 2.48 per cent to Rs 4,050, highest since May 16.
The stock has broken above a resistance at Rs 4,007, the 38.2 per cent Fibonacci retracement level of the uptrend from December 27, 2016 low to January 17, 2018 high (wave 5). The breakout suggests that the stock may rise towards the next resistance at Rs 4,201, the 14.6 per cent Fibonacci projection level of the uptrend from November 25, 2008 low to Januar 17, 2018 high (wave (3)).
The stock's wave pattern suggests it is in the first wave 1 of a five-wave uptrend that will constitute a larger wave (5). Trend intensity (TI) indicator has gone up to 18, suggesting that the index is in early stages of a new uptrend.
MACD is positive and above its signal line. UltraTech Cement stock had fallen 8.54 per cent this year as of last close, while the broader NSE Index was up about 4 per cent in the same period.
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