BEL is moving inside the upward channel
BEL’s weekly chart is telling us there is a possibility that it will rise up to its upper slope (resistance level). As you see the price of BEL is moving inside an upward channel. The challenge now for this stock is to close above the Kumo or Cloud which acts as the immediate resistance. A break from Kumo will give us a bullish signal. Based on how the price move and retraces as it move inside the upward channel, there is a chance BEL will hit 6.50 per share. This also corresponds to the bigger fibonacci retracement setup that shows us the 78.6% Fibonacci Retracement level. Remember also that BEL’s support (found here Is BEL done testing support level?) was already tested and proved to be strong.
Of course price will not go up in a straight line so let’s be guided with our resistances/supports as it move up.
Current RSI or Releative Strength Index is at 66 which is still below overbought level.
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