BPCL hits near 2-month low; technicals suggest further downside

Last Updated: Thu, Dec 01, 2016 12:49 hrs

** Shares of Indian oil marketing & refining company Bharat Petroleum Corp Ltd fall nearly 4 pct to 618.55 rupees, lowest since Oct. 3

** Stock breaks below the lower trend line of a 10-mth long ascending trend channel, seen bearish for the stock

** As per wave pattern, stock has completed 5 wave motive phase and still in the wave A of a 3 wave corrective phase

** Stock price has crossed below its parabolic SAR, suggesting reversal in uptrend

** MACD is negative & below its signal line, bearish for the stock

** Stock up 44.33 pct this year as of Wednesday's close, compared with a 3.5 pct gain for the NSE index

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