April 4, 2019 / 4:46 AM / 5 months ago

BUZZ-India's Zee Entertainment hits 7-week low; chart suggests further downside

** Shares of Zee Entertainment Enterprises Ltd fall as much as 3.35 pct to 391 rupees, lowest since Feb 13

** Stock breaks below its ichimoku cloud, seen as a bearish sign tmsnrt.rs/2VmXvcr

** Stock broke below a support at 413.05 rupees on Wednesday, the 23.6 pct Fibonacci projection level of the downtrend from May 2, 2018 high to Jan 25, 2019 low

** This suggests stock may test a support at 366.15 rupees in the near term, the 38.2 pct projection level

** MACD is negative and below its signal line

** Stock down 15.1 pct this year as of last close, while the broader NSE Index up 7.2 pct in the same period (Reporting by Gaurav Dogra)

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