August 23, 2018 / 7:15 AM / 8 months ago

BUZZ-India's Jet Airways slides; may retest support at 265.15 rupees -Technicals

** Shares of Jet Airways (India) Ltd fall as much as 2.8 pct to 284.20 rupees, their lowest in over a week

** India’s biggest full-service airline said on Wednesday it would discuss ways to cut costs and turn its business around during its board meeting on Monday

** Co said last week it was evaluating funding options to meet its liquidity requirements

** Jet Airways may retest a support at 265.15 rupees, the 161.8 pct Fibonacci projection level of the down trend from Feb 14 high to April 2 low (wave 1)

** Stock is on a downtrend with its falling 20-day exponential moving average acting as a resistance. Until now there are no signs of any bottom formation

** RSI shows resistance near the 50 level and MACD is still negative, both bearish for the shares

** Stock has fallen 64.5 pct this year as of last close

Reporting by Sharnya G and Gaurav Dogra

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