September 25, 2018 / 7:01 AM / in 2 months

BUZZ-India's Eicher Motors at near 1-1/2-year low, chart suggests further downside

** Shares of truck and bus maker Eicher Motors Ltd fall as much as 2.5 pct to 25,211 rupees, lowest since March 31, 2017

** Stock breaks below a support at 26,344.25 rupees, the 38.2 pct Fibonacci retracement level of the uptrend from Jan. 19, 2016 low to Sep. 8, 2017 high reut.rs/2xCfZMp

** This suggests shares of the parent of motorcycle maker Royal Enfield may fall up to the next support at 24,140 rupees, the 50 pct retracement level

** Stock’s trend intensity (TI) indicator rises to 16 suggesting prices are trending downwards

** MACD is also negative and below its signal line

** Stock is down 14.8 pct this year as of last close, compared with the broader NSE Index’s 4.2 pct gain (Reporting by Gaurav Dogra; Editing by Gopakumar Warrier)

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