Another try for BEL to break the line

The Kijun Sen line has provided strong support for the price after it fell to 5.04 last Friday. The 38.2% Fibonacci Retracement level also did its part in supporting the price. Today it went up by 4.3% to close at 5.28 per share where we have our resistance. This is the second time BEL tried to break but failed. But so far the White Marubozu suggests that bulls are not yet done. The Tenkan Sen / Kijun Sen Cross today suggests that bulls are starting to move strong. The possibility of closing the gap this week is greater. But if we will have a close tomorrow below today’s price then BEL will move sideways with range of 5.07 – 5.28.

RSI or Relative Strength Index is currently at 62

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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