Eurocash SA (EUR), Poland’s largest distributor of non-durable consumer goods, dropped for the first time in five days as a technical indicator suggested the stock’s rally was overdone.
The shares tumbled as much as 3.1 percent to 39.46 zloty, and traded 1.8 percent lower at 12:34 p.m. in Warsaw.
Eurocash’s 14-day relative strength index stood at 76 at the close yesterday. A reading above 70 indicates to some technical analysts a security may decline.
To contact the reporter on this story: Piotr Bujnicki in Warsaw email@example.com
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org