- Prices have bounced from near the 61.8% FR level (650).
- Monthly RSI has also bounced from its Oversold zone.
- In the past, major bear phases have formed lows around the 61.8% FR level.
- If price is to follow past behavior, the bear phase could be over.
- There is a possibility of stock taking quite some time to clear its resistance around 900.
- Bullish view remains intact as long as price stays above 650.
Comment:
Stock price is now testing its resistance around 900, from where it could see some selling/consolidation.