BEL finally touched the Kijun Sen line

BEL finally touched the Kijun Sen line and gave traders extra gain as it close above it. At this level we will monitor if we will have a bearish candlestick that will be formed. In case there is none then we will see BEL close the gap, otherwise it will fall and may seek support at 5.20 then 5.07 which is our 38.2% Fibonacci Retracement level.

RSI or Relative Strength Index is not yet on the overbought level at 61

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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