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Shares of Bharti Airtel hit a week-low, and technicals suggested further downside. The stock fell as much as 3.19 per cent to Rs 400, lowest since March 21.
Bharti Airtel stock retreated from a resistance at Rs 424.2, the 50 per cent retracement level of the uptrend from the low of November 9, 2016 to the high of November 3, 2017.
A death cross occurred on the chart on Friday when the stock’s 50-day exponential moving average (EMA) cut below its 200-day EMA, which is seen as a bearish signal for the stock.
The stock’s price movement had been confined to a descending trend channel for the past two months; movement within the channel may lead to further falls unless a breakout is seen on the upside.
RSI also faces resistance near 50, which is seen bearish for the stock. Fibonacci retracement support levels are at Rs 390.8 and Rs 349.6, and resistance at Rs 424.2 and Rs 457.5. Bharti Airtel stock is down 22 per cent this year as of Tuesday’s close, compared with a fall of 3.3 per cent for the NSE index.
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