1. Bullish HH and HLs trend is seen and next HL is expected with current price at 17.48.
2. The Heikin Ashi candles are showing a natural pull back in bearish direction but after testing the Fib level 31.8%, price-action is expected to turn in bullish direction.
3. There is a support at Fib level 31.8% @ 17.22, which is expected to play to allow bullish trend to proceed.
4. The bullish trendline is intact and third touch point will meet price action at Fib level 31.8% @ 17.22.
5. The price-action was in a CONSOLIDATION phase from June 2016 till Jan 2023. In 2023 the price-action has broken off in bullish direction from the rectangular box pattern.
6. No ABCD bearish harmonic pattern noticed.
7. The price-action is above 200 EMA, which is a good sign. If it crosses 200-EMA in downwards direction then we shall prepare to liquidate our positions.
BEARISH INDICATOR (Sep 04) [Daily Chart]
1. The recent bullish trend has not broken the pervious HH of Mar 1st 2023.
2. The Heikin Ashi candles are showing a natural pull back and next LH and LL could be seen but chances are less.
3. There is a bearish divergence noticed on daily timeframe, which needs to be watched.
PREDICTIONS 1. There are more bullish indications than the bearish indications.
2. The stock is available at a very good price with P/E @ 5.4. I will recommend waiting till price traced to 17.22 till Fib 31.8% level before buying.
3. There is a bearish divergence but if the price drops below 16.23 and crosses 200-EMA downwards then bearish reversal will be confirmed.
BIAS 1 = LONG - PLAN A (Pending Buy Limit @ 17.22 Market)
BIAS 2 = SHORT - PLAN B, (If you already hold FRO then plan to sell them when price crossed 14.43 downwards)