BEL broke from Kumo

BEL went up by 6.8% today closing at 5.49 per share. The rally pierced through the 61.8% Fibonacci Retracement level. Current support will be around 5.39 while we are seeing a resistance around 5.59

Based Ichimoku system, today’s movement sends an additional bullish sentiment by way of Kumo break. Note that we already have few weak bullish signals before.

If support at 5.39 will hold then price may continue to go up with little challenge until it hits 5.85 It is also very important to look for other indicators such as candlestick formation. If we will see a shooting star, hanging man or whatever bearish candlestick pattern tomorrow, then its a warning that the bulls are already tired. RSI or Relative Strength Index is now at overbought level.

Plan your trade and trade your plan.

Caveat!

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