September 19, 2018 / 7:38 AM / 3 months ago

BUZZ-India's Maruti Suzuki hits 4-month low; chart suggests further downside

** Maruti Suzuki India Ltd, the country’s largest automaker, falls as much as 1.42 pct to 8,280.00 rupees, lowest since May 21

** Stock breaks below a support at 8,390.85, the 23.6 pct Fibonacci retracement level of the uptrend from Feb. 29, 2016 low to Dec. 20, 2017 high reut.rs/2plLwOe

** Stock’s wave pattern suggests it has completed a five-wave uptrend that started on Feb. 29, 2016; it is now in the initial wave of a three-wave correction

** Stock broke below its 200-day exponential moving average(EMA) earlier this month, seen bearish for the stock

** Breakdown of the 23.6 pct retracement level suggests stock may now fall up to the next support at 7,397.6 rupees, the 38.2 pct level

** Trend Intensity (TI) indicator rises to 23, suggesting prices are trending downwards; MACD is also negative and below its signal line

** Stock down 8.23 pct in the past month as of Tuesday’s close, compared with the broader NSE Index’s 1.67 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