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Magyar Telekom Drops After RSI Climbs to Highest Since April

Magyar Telekom Nyrt. (MTEL), Hungary’s former phone monopoly, fell from the highest in more than seven months as a technical indicator suggested the rally was overdone.

The shares fell 1 percent to 574 forint by the close in Budapest. Magyar Telekom’s 1.2 percent jump yesterday pushed the stock’s 14-day relative strength index to 73, the highest since April. A reading above 70 indicates to some technical analysts a security may decline. The RSI last stood at 68.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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