On the last two days prior to today the price action of BEL suggests that traders are in an indecisive mood. Bears and bulls seem to wait for the opponent’s move. Today we saw a rally at around 10 AM as it reach intraday high of 5.3 but bears were able to stop the rally and pull the price 5.18 at the closing. Did the bears when it or the bulls just rest after the rally? On 1 year time frame chart, we could see that 5.05 or 23.6% Fibonacci Retracement level will be our major support. I think if a gap down tomorrow will happen, it should raise a warning signal as the Shooting star‘s bearish sentiment might be confirmed. Just watch the movement closely. Caveat!
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