BEL broke 38.2% Fibonacci Retracement level

So far BEL has bounced at 38.2% Fibonacci Retracement level we have drawn last time. Today it broke the resistance at 23.6% Fibonacci Retracement level. Will it continue to go up and hit the 5.52? We still have the threat from Kijun Sen line which is still moving horizontally plus if you notice we have an immediate resistance 5.36

Although it has a bullish bias as of this time, it is very important that the newly found support will hold or else the break is a failed one.

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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