May 7, 2019 / 5:35 AM / a month ago

BUZZ-India's UPL hits 2-wk low; chart suggests more downside

** Shares of agrochemicals maker UPL Ltd fall as much as 1.66 pct to 934.05 rupees, their lowest since April 23

** Stock breaks below a support at 947.93 rupees, the 7 pct Fibonacci retracement level of the uptrend from October 26, 2018 low to April 30, 2019 high

** Stock also breaks below its 20-day exponential moving average

** Breakdown suggests, in a couple of days stock may test the next support at 918.27 rupees, the 14.6 pct retracement level

** Stock’s 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 had cut below its signal line on Monday, a bearish sign

** The stock is up 25.3 pct this year as of last close and is so far the best performer among the NSE Index’s constituent members

Reporting by Gaurav Dogra; editing by Uttaresh.V

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