Technicals suggest more downside.

In the last week, UPL (UPL Ltd.) came and close below 200 DMA first time after Oct 2013 on the weekly chart. Last week, UPL’s price breach its strong support 619, which was 100% projection of  1 – 2 line. This suggests it may fall up to 523.25 rupees, the 161.8% projection level. Even this projection may act as “only expected support“. Because below this mark, the price may fall up to 368.

WSX - 2

Trend intensity (TI) indicator rises to 17, this indicates confirming a trend. MACD is also negative and below its signal line. Stock down 32.7% in past year as of Thursday, compared with 12.3% gain in broader NSE Index.

Krishna Attri
Official Website – http://www.attriforecasting.com
E-Mail – krishna@attriforecasting.com
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Disclaimer: No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.