BPCL hits more than 2-month low, technicals suggest further downside

Last Updated: Thu, Jun 15, 2017 12:10 hrs

Bharat Petroleum Corp Ltd shares fall as much as 3.25 pct to 669.5 rupees, lowest since April 7.

Stock price cuts below the support from the cloud, seen bearish for the stock.

Stock's 20 day Simple Moving Average (SMA) also cuts below 50 day SMA, seen negative for the stock.

Stock also breaks support at 671.88 rupees, the 23.6 pct retracement level of the uptrend from the Feb 2016 low of 356.84 rupees to May 29 high of 769.25 rupees.

A close below 671.88 rupees may lead to a fall towards 611.68 rupees, the 38.2 pct retracement level.

Stock is up 11.56 pct this year as of Wednesday's close, underperforming Nifty Energy Index with 14.85 pct gains in the same period.

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