April 30, 2019 / 4:51 AM / in 6 months

BUZZ-India's IndusInd Bank hits 7-wk low; chart suggests more downside

** Shares of IndusInd Bank Ltd fall as much as 7.28 pct to 15,75.2 rupees, their lowest since March 13, 2019

** Stock breaks below its 200-day exponential moving average, a bearish sign tmsnrt.rs/2DDMo8d

** Stock also breaks below a support at 1,668 rupees, the 23.6 pct Fibonacci projection level of the downtrend from August 3, 2018 high to October 31, 2018 low

** MACD turns negative and is below its signal line

** Wave pattern suggests, stock is in the third wave of a five wave downtrend

** In the near term, the stock has support at 1,565.1 rupees, the 38.2 pct projection level

** Stock is down 9.73 pct in the last one year to Monday’s close, while the broader NSE Index has gained 10.71 pct 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