India’s Bharti Infratel Hits Over 4-Year Low; Chart Suggests More Downside

Shares of telecom tower operator Bharti Infratel Ltd fall as much as 5.5 pct to 252.75 rupees, their lowest since Aug 27, 2014

Stock falls after testing a resistance at 270.2 rupees, the 23.6 pct Fibonacci projection level on the downtrend from Oct. 17, 2017 high to June 21, 2018 low.

This suggests that stock may fall up to the next support at 239.8 rupees, the 38.2 pct projection level.

Stock is trading below its 200,50 as well as 20-day exponential moving average, seen bearish for the stock

Trend Intensity (TI) indicator rises to 17, suggesting prices are trending downwards; MACD is also negative and below its signal line

Stock down 29.35 pct this year, as of last close, while the broader NSE Index is up 4.54 pct in the  same period. – Reuters