BEL may relax after unsucessful break on Kumo

BEL still can’t break from the flat top Kumo after trying it for 4 weeks. There is a possibility that BEL will relax for a while and as a result retraces to as low as 5.25 per share. Notice that Kijun Sen line is at 5.25 per share and is moving horizontally since the time BEL tried to break the Kumo.

We are still bullish on BEL with all its Ichimoku elements still in a bullis position. In case there will be a catalyst that will push the price up, its resistance will be near 127.2% Fibonacci Retracement level or the upper slope.

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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