Zoetis - approaching key trendline support, is it now time for a bounce?

Taking a look at Zoetis as its stock has lost 15% of its value since the end of February. Currently, its share price is trading at around $168.49 a share. Looking at the daily chart, we can see a key supportive trendline which dates back to the 3^rd of November of 2022. This trendline could play a major role in the future price movement of this stock, we can see that the last time the price approached this trendline the stock went on to rally 30%. Of course, this isn’t guaranteed to happen again, but it cannot be ruled out that a bounce of some sort may not occur. The support now lies at $164.23, a break below it would then likely see the price fall towards the trendline support of $162.19. Only a break with a clear close could lead to a further decline in price, perhaps towards $151.08. On the other hand, yesterday’s close was positive, hence, we may see buyers rushing in for a potential consolidation zone. The resistance reads $169.94 and then $171.32. A break and close above $171.32 could lead to an extension towards $173-$174. If we dive deeper into the technical outlook, we can see that the RSI is now suggesting the stock is oversold, with Tuesday’s reading closing the day at 26. Looking at chart history, when the RSI reached similar levels back in November of last year, it was the catalyst for a rally. The MACD remains negative but seems like it is trying to bottom out.

(Chart from IG)