Price Action To Observe: Does Wipro Limited (ADR) Have Any Gas After Achieving 52-Week Low?

Price Action To Observe: Does Wipro Limited (ADR) Have Any Gas After Achieving 52 Week Low?

The stock of Wipro Limited (ADR) (NYSE:WIT) hit a new 52-week low and has $8.68 target or 8.00% below today’s $9.43 share price. The 5 months bearish chart indicates high risk for the $16.57B company. The 1-year low was reported on Nov, 3 by Barchart.com. If the $8.68 price target is reached, the company will be worth $1.33B less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 329,004 shares traded hands. Wipro Limited (ADR) (NYSE:WIT) has declined 25.02% since April 1, 2016 and is downtrending. It has underperformed by 26.23% the S&P500.

Wipro Limited (ADR) (NYSE:WIT) Ratings Coverage

Out of 7 analysts covering Wipro Limited (NYSE:WIT), 0 rate it a “Buy”, 5 “Sell”, while 2 “Hold”. This means 0 are positive. Wipro Limited has been the topic of 8 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The stock has “Sell” rating given by Citigroup on Thursday, April 21. The stock of Wipro Limited (ADR) (NYSE:WIT) has “Equal-Weight” rating given on Thursday, February 11 by Morgan Stanley. The firm has “Hold” rating given on Wednesday, August 5 by Zacks. The company was initiated on Thursday, December 17 by Sterne Agee CRT. The stock has “Hold” rating given by Zacks on Tuesday, September 22. As per Friday, September 9, the company rating was initiated by Wedbush. HSBC downgraded the shares of WIT in a report on Tuesday, August 9 to “Reduce” rating. The stock of Wipro Limited (ADR) (NYSE:WIT) earned “Reduce” rating by Nomura on Monday, October 24.

According to Zacks Investment Research, “WIPRO LTD-ADR provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level certified IT Services Company globally.”

Another recent and important Wipro Limited (ADR) (NYSE:WIT) news was published by Zacks.com which published an article titled: “Wipro Ltd-adr: (WIT)” on October 01, 2002.

WIT Company Profile

Wipro Limited (Wipro), incorporated on December 29, 1945, is a global information technology (IT) services provider. It operates through two divisions: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services. IT Products segment provides a range of third-party IT products, which allows it to offer IT system integration services.

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