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Shares of agrochemicals maker UPL Ltd fall as much as 1.2 per cent to Rs 901.75, lowest since March 14.
The stock breaks below a support at Rs 911.25, the 161.8 per cent Fibonacci projection level of the uptrend from July 19, 2018 low to September 14, 2018 high (wave 1). The stock's wave pattern suggests it has completed wave 3 of a five-wave uptrend and it's now in a corrective wave 4.
The stock price cuts below its parabolic SAR, suggesting a reversal of the uptrend is possible. Trend intensity (TI) indicator falls two points to 43, suggesting uptrend is loosing momentum. MACD cuts below its signal line, a bearish sign
In the near-term, stock has support at Rs 887.45, the 150 per cent projection level and at its 20-day exponential moving average. The stock was trading up 20.4 per cent this year as of last close, compared with the broader NSE Index's 4.5 per cent gain.
At 10.15 am, the stocks of UPL Ltd was trading lower by 1.21 per cent at Rs 902.75
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