January 3, 2019 / 5:41 AM / 17 days ago

BUZZ-India's Eicher Motors hits near 3-mth low; chart suggests more downside

** Shares of Eicher Motors Ltd fall as much as 2.82 pct to 20,564.7 rupees, lowest since Oct. 4, 2018

** Stock breaks below a support here at 20,681.46 rupees, the 161.8 pct Fibonacci projection level of the downtrend from April 27, 2018 high to Aug. 2, 2018 low (wave A)

** This suggests, stock may test the next support at 19,858.65 rupees, the 176.4 pct projection level

** Stock’s wave pattern suggests, it is in wave iii of a five wave downtrend

** MACD is negative and below its signal line

** Stock down 9.58 pct in the last one month as of Wednesday’s close compared with the broader NSE index’s 0.77 pct fall in the same period

Reporting by Gaurav Dogra

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below