BEL may move sideways but with bullish bias

BEL has been trying to to break from the Kumo but so far is not successful. As you notice on our weekly chart, the 50% Fibonacci Retracement level and the Kumo has been a strong resistance for three weeks now. But notice also that the possible reversal from Harami wasn’t confirm. There is a chance that BEL will continue to move sideways between 5.67 and 5.25 The lower range was taken from where our Kijun Sen is moving horizontally. This line will move horizontally and has the power to attract the price unless a breakout will happen and price will close above 5.66 then this line will bend which will weaken its power to attract the price.

RSI or Relative Strength Index is currently at 58


Leave a Reply