Shares of Hero MotoCorp today hit a 1-1/2-year low, and chart suggested further downside. The stock fell much as 4.2 per cent to Rs 3,033.75, its lowest since January 16, 2017.
Hero MotoCorp stock has broken below a support at Rs 3,174.58,, the 50 per cent Fibonacci retracement level of the uptrend from September 7, 2015 low to September 1, 2017 high. This suggests that the stock may fall up to the next support at Rs 2,958.08, the 61.8 per cent retracement level.
Trend Intensity (TI) indicator climbed to 21 suggesting that the market is trending downwards. MACD is also negative and below its signal line. The stock had fallen 16.4 per cent this year as of last close, while the broader NSE index was up 5.3 per cent in the same period.