Uflex Lossing Its Momentum

Uflex has been in an uptrend for the last 7 or 8 months. Recently it has made a high of 403. After making this new it has fallen to 350 and after that, it had attempted to touch the previous high but failed to do so. Price is rejecting from this level that indicates the seller's pressure is dominating over the buyers at the psychological level of 400.

The negative divergence on the Daily Chart also indicating that the price momentum is getting weaker at this level. One more divergence is been on the 1 hr chart.

MACD also has a negative divergence on the daily chart as well as on 1hr chart with a bearish crossover. MACD is a trend following indicator. If we see any divergence on MACD with bearish Crossover it is the indication of a trend reversal or shifting of the trend to bearish.

370 is an important level to support the fall in the price but if moves below this level then it can further move downside.

So be cautious with this stock. If it starts trading below 370 then it will move to 350 and then 300.