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Shares of Wipro Has Fallen Below Previous 52-Week Low

By Amy Schwartz

Wipro (NYSE:WIT) traded at a new 52-week low today of $10.43. This new low was reached on below average trading volume as 167,000 shares traded hands, while the average 30-day volume is approximately 631,000 shares.

Over the past year, Wiprohas traded in a range of $10.43 to $13.08 and are now at $10.53. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Wipro (NYSE:WIT) is currently priced 0.3% above its average consensus analyst price target of $10.50. Wipro shares should first meet resistance at the 200-day moving average (MA) of $11.98 and find additional resistance at the 50-day MA of $12.20.

Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

SmarTrend recommended that its subscribers protect gains by selling shares of Wipro on July 19th, 2016 by issuing a Downtrend alert when the shares were trading at $11.29. Since that call, shares of Wipro have fallen 6.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows wipro

Ticker(s): WIT