March 28, 2018 / 5:51 AM / 24 days ago

BUZZ-India's Bharti Airtel hits week-low, technicals suggest further downside

** Shares of Bharti Airtel Ltd fall as much as 3.19 pct to 400 rupees, lowest since March 21

** Stock retreats from a resistance at 424.2 rupees, the 50 pct retracement level of the uptrend from the low of Nov. 9, 2016 to the high of Nov. 3, 2017 reut.rs/2J00Cl8

** A death cross occurred on the chart on Friday when the stock’s 50-day exponential moving average (EMA) cut below its 200-day EMA, seen as a bearish signal for the stock

** Stock’s price movement is confined to a descending trend channel for the past two months; movement within the channel may lead to further falls unless a breakout is seen on the upside

** RSI also faces resistance near 50, seen bearish for the stock

** Fibonacci retracement support levels are at 390.8 rupees and 349.6 rupees, and resistance at 424.2 rupees and 457.5 rupees

** Stock is down 22 pct this year as of Tuesday’s close, compared with a fall of 3.3 pct for the NSE Index

Reporting by Gaurav Dogra

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