CIPLA 1st February 2023

Cipla is at a strong retracement level (0.5). It has been in a downtrend for a long period of time. Was in a consolidation phase for a week and a half, broke out down side till the 0.5 fib level. Possible upmove as RSI is not going down by large levels as compared to price. Can initiate a long position but wait for confirmation.