June 17, 2019 / 7:03 AM / a month ago

BUZZ-India's Titan at over a week low; chart suggests more downside

** Shares of Titan Company Ltd fall as much as 2.54% to 1,249.3 rupees, lowest since June 6

** Stock breaks below a support at 1,258.64 rupees, the 7% Fibonacci retracement level of the uptrend from Oct 9, 2018 low to June 13, 2019 high tmsnrt.rs/2XOrg7k

** Stock’s wave pattern suggests that a five wave uptrend may have ended on June 13

** RSI line shows bearish divergence from the stock price as price formed a higher crest on June 13, while RSI formed a lower crest

** Stock cuts below its parabolic SAR, which signals a possible reversal in the uptrend

** MACD cuts below its signal line, a bearish sign

** In the near term, stock has support at 1,215.62 rupees, the 14.6% retracement level and at its 20-day exponential moving average

** Stock up 37.7% this year as of last close; top performer among NSE Index members (Reporting by Gaurav Dogra)

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