February 13, 2019 / 6:39 AM / 3 months ago

BUZZ-India's Hero MotoCorp hits over a week low; may fall further - Technicals

** Shares of Hero MotoCorp Ltd fall as much as 2.66 pct to 2,725 rupees, lowest since Feb. 4

** Stock breaks below a support at 2,766.7 rupees, the 23.6 pct Fibonacci projection level of the downtrend from Dec. 20, 2018 high to Jan. 31, 2019 low (wave a) tmsnrt.rs/2E8qP0c

** This suggests, in the near term stock may fall up to the next support at 2,647.15 rupees, the 38.2 pct projection level

** Stock’s price crosses below its Parabolic SAR (stop and reverse) point; a cross below the SAR point is seen as a signal to close long positions and enter into short position

** RSI line failed to cross above the 60 points mark during the rally last week, seen as a bearish signal

** Stock down 9.82 pct this year as of last close, compared with the broader NSE index’s 0.29 pct fall in the same period

Reporting by Gaurav Dogra

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