June 24, 2019 / 5:34 AM / 3 months ago

BUZZ-India's Bajaj Auto hits over 4-mth low; chart suggests more downside

** Shares of Bajaj Auto Ltd fall as much as 2.6% to 2801.2 rupees, their lowest since Feb. 21

** Stock breaks below a support at 2,820.45 rupees, the 38.2% Fibonacci retracement level of the downtrend from Feb. 2, 2018 high to Oct. 25, 2018 low tmsnrt.rs/2Ftr9qJ

** Stock’s 20-day exponential moving average (EMA) had cut below its 50-day EMA last week — seen as a bearish sign

** In the near term, stock has support at 2,749.5 rupees, the 38.2% Fibonacci projection level of the downtrend from Feb. 2, 2018 high to Oct. 25, 2018 low

** Wave pattern suggests that the stock is in wave C of a three-wave downtrend; current wave has the potential to travel up to 2,101.6 rupees, the 100% projection of wave A

** MACD is negative and below its signal line and is seen as unfavorable

** The stock is up 5.7% this year as of last close, compared with the broader NSE Index’s 7.9% gains in the same period

Reporting by Gaurav Dogra

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