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BUZZ-Indian Oil Corp hits near 3-mth low; technicals suggest end of uptrend
June 23, 2017 / 5:54 AM / 6 months ago

BUZZ-Indian Oil Corp hits near 3-mth low; technicals suggest end of uptrend

** Shares of Indian Oil Corp fall as much as 3.93 pct to 378.05 rupees, their lowest since 31 March

** Stock price cuts below 385.2 rupees, the 23.6 pct retracement level of the uptrend from 12 Feb 2016 low to 16 May 2017 high, suggesting that a five-wave uptrend is complete and wave A of a corrective cycle has started (tmsnrt.rs/2swUJpc)

** Trend Intensity indicator (TI) also rises to 16, indicating the beginning of a downtrend

** Stock’s 20-day exponential moving average (EMA) cut below its 50-day EMA on Thursday, a bearish sign for the stock

** Stock may retrace entire wave 5 to 366.2 rupees, its first support, before resuming the downtrend towards 344.5 rupees, the 38.2 pct retracement level of the entire uptrend

** Stock has gained 89.46 pct in the past one year as of Thursday’s close, compared with NSE Index’s 17.39 pct gain (RM: gaurav.dogra.thomsonreuters.com@reuters.net)

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