June 28, 2017 / 5:09 AM / a month ago

BUZZ-India's ACC hits over 2-mth low; chart indicates further downside

1 Min Read

** Shares of cement maker ACC Ltd fall as much as 2.36 pct to 1,541.25 rupees, their lowest since April 24

** Stock breaks below the support from its cloud, seen bearish for the stock tmsnrt.rs/2skxN9s

** Stock’s 20-day simple moving average (SMA) cuts below its 50-day SMA, also seen negative for the stock

** Share price breaks a support at 1,565.68, the 38.2 pct retracement level of the uptrend from Nov 22, 2016 low to May 8, 2017 high

** Stock rides wave C of a three-wave corrective cycle, a 100 pct projection of wave A might take the stock down to 1,485.84 rupees

** Support is also seen near 1,533.67 rupees, the 74.6 pct projection of wave A and 1506.66 rupees, the 50 pct retracement level of the uptrend (RM: gaurav.dogra.thomsonreuters.com@reuters.net)

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