BEL retraces, staying inside upward channel

BEL fell by 2.1% yesterday to 5.20 per share. Current trend of BEL is still upward from the low we saw last August. It is still trading within the upward channel and may test support at the lower slope. Observe that for the past few weeks we have higher lows. Projecting a line upward would show us the support line.

Based on Ichimoku system, BEL is bullish as it is trading above the Kumo and Chikou Span’s corresponding price is below current price. Let us see how the bulls and the bears will react to our support line.

RSI or Relative Strength Index just fell from the overbought level. Maybe a little more sell of will be needed to loosen RSI a bit?

Caveat!

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