May 8, 2019 / 4:37 AM / a month ago

BUZZ-India's Reliance Industries hits over 6-wk low; chart suggests more downside

** Shares of Reliance Industries Ltd fall as much as 1.89 pct to 1,318.10 rupees, lowest since March 25

** Reliance stock among top pct losers on indexes in early trading

** Stock breaks below a support at 1,339.4 rupees, the 23.6 pct Fibonacci retracement level of the uptrend from Jan. 14 low to May 3 high

** Stock also breaks below its 50-day exponential moving average

** Breakdown suggests in a couple of days stock may test the next support at 1290.98 rupees, the 38.2 pct retracement level

** Shares had cut below their Parabolic SAR on Tuesday, suggesting possible reversal of the uptrend

** Stock price shows a bearish divergence from its MACD as compared with March high, price formed a higher crest this month, while MACD formed a lower crest

** MACD crossed below its signal line on Tuesday, a bearish sign

** Stock up 19.8 pct this year as of last close, outperforms broader NSE Index’s 5.85 pct gains in the same period (Reporting by Gaurav Dogra)

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