NEW DELHI: Shares of United Phosphorus on Friday slipped as much as 2.16 per cent to Rs 633.30 apiece on BSE, their lowest level since December 29, 2016.Technical charts show the stock has broken below a support at Rs 640.2, the 86.4 per cent Fibonacci projection level of the downtrend from August 1, 2017 high to December 6, 2017 low.This indicates the stock may now move towards the next support at Rs 610.6, the 100 per cent projection level, according to a Reuters report.Other indicators too signal downtrend for the stock.Trend Intensity (TI) indicator rose to 17, suggesting the stock is in early stages of a new downtrend.
The RSI (Relative Strength Index) has been facing resistance near 50 level for the last two months, which is seen as bearish for the stock.Momentum indicator moving average convergence/divergence or MACD is also negative and is trading below the signal line.The stock is down 15.3 per cent this year as of Thursday's close, while the broader NSE index is up 2 per cent in the same period.At 11:05 am, shares of the company were trading at Rs 636.80 apiece on BSE, down 1.62 per cent.