Here we can view that the stock followed a clear A-B-C pattern and retraced back up to 38% of the major trend which could be wave 2 if we assume the major trend has changed to bullish from bearish. Also the RSI is in oversold zone indicating a bull in near time. But if the price breaks the major support level i.e. around 123-124 (61% retracement of minor trend), it is clear confirmation that there is more bear trend to resume.
Subscribe through emails to stay updated.