The breakdown of 9 years trendline (marked red) is visible with a rise to retest it as well but bears feeble to capitalize the momentum. The stock has ended in red for four consecutive months (Aug-Nov) and slowly moving towards the previous month low (Nov low @ 795). The cautious sign for bears is 233WEMA (Weekly Exponential Moving Average
) is placed at 813 which is standing strong since 2002; and previous month low is 795 which might act as a support zone
. The sustainable move below 795 might trigger sharp
fall towards 650 levels (lower line of channel marked black). RSI
is also hovering around the oversold level of 30 indicating bears losing their strength.