June 15, 2017 / 6:30 AM / 2 months ago

BUZZ-BPCL hits more than 2-month low, technicals suggest further downside

** Bharat Petroleum Corp Ltd shares fall as much as 3.25 pct to 669.5 rupees, lowest since April 7

** Stock price cuts below the support from the cloud, seen bearish for the stock tmsnrt.rs/2t4OHun

** Stock's 20 day Simple Moving Average (SMA) also cuts below 50 day SMA, seen negative for the stock

** Stock also breaks support at 671.88 rupees, the 23.6 pct retracement level of the uptrend from the Feb 2016 low of 356.84 rupees to May 29 high of 769.25 rupees

** A close below 671.88 rupees may lead to a fall towards 611.68 rupees, the 38.2 pct retracement level

** Stock is up 11.56 pct this year as of Wednesday's close, underperforming Nifty Energy Index with 14.85 pct gains in the same period

RM: gaurav.dogra.thomsonreuters.com@reuters.net

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