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.

Caveat!

The following two tabs change content below.

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.

3 Responses to BEL is moving inside the upward channel

  1. sir felix I always like your posts, can I ask something kung pwede lng…..pls…. wat website ba ako pwede magbasa about how to put that % Fibonacci retracement into the chart bec. still until now I don't know how to enter and exit. thanks again

  2. Felix T. Gomez Jr. says:

    for starters, you can pick 1 year timeframe or 6 months. Pick the lowest from the left side and drag to the highest point on the right side. It could also be from highest (left side) to lowest (right side) depending on what comes out when you pick a time frame. Each line of fibo will tell you a story. Use this style for few weeks months before dealing on advance fibo. Don't be bored :)

Leave a Reply

}