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UPL shares today hit a 2-year low, and technicals suggest more downside. The agrochemicals maker shares plunged as much as 5.7 per cent to Rs 548.85, lowest since July 13, 2016.
The stock has broken below a support at Rs 571.7, the 61.8 pct Fibonacci retracement level of the uptrend from February 12, 2016 low to August 1, 2017 high. This suggests it may fall up to Rs 493.6, the 76.4 per cent retracement level.
Some support is also expected near Rs 527.4, the 138.2 per cent Fibonacci projection level of the downtrend from August 1, 2017 high to December 6, 2017 low. Trend intensity indicator has jumped to 28, confirming the downtrend.
MACD is also negative and below its signal line. UPL stock had fallen 32.7 per cent inthe past year as of Thursday, compared with 12.3 per cent gain in broader NSE Index.
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