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

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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