Japan's Chugai Pharmaceutical hits record high; technicals point to more upside

Chugai Pharmaceutical

19/09/2019 06:17

** Shares of Chugai Pharmaceutical Co Ltd  4519.T  gain as
much as 4.27% to a record high of 8,050.00 yen
    ** Stock breaks above a resistance at 7,881.8 yen, which is
identified as the 61.8% Fibonacci projection level of the
uptrend from March 2, 2018 to Dec. 3, 2018 https://tmsnrt.rs/30a1m2j
    ** Breakout is supported by volume as the 5-day average
volume is about 66% higher than the 30-day average
    ** Breakout suggests that in a couple of days stock may test
the next resistance at 8,286.2 yen, the 76.4% projection level
    ** Trend intensity (TI) indicator rises to 17 which suggests
that stock is in early stages of new uptrend
    ** MACD is positive and above its signal line, seen
favourable
    ** Stock up 21% this year as of last close, compared with
the broader Nikkei share average's  .N225  9.7% gain in the same
period
    
NOTE: No information in this analysis should be considered as
being business, financial or legal advice. Each reader should
consult his or her own professional or other advisers for
business, financial or legal advice regarding the products
mentioned in the analyses.

 (Reporting by Gaurav Dogra)
 ((gaurav.dogra@thomsonreuters.com;))