Last Jan 22 we were looking at BEL‘s chart and see that it is forming a Symmetrical Triangle. During that time we asked if it will break but it didn’t happen until last Friday when it rallied. But it seems BEL is facing yet another resistance. Does BEL still have the strength to push its price up or it will have to rest while gain strength? Usually after the breakout from the triangle, it will test its newly found support. If you are holding BEL now, HOLD your position. Trend mode is still upward.
The Symmetrical Triangle is considered to be a continuation pattern that tells us consolidation in a trend is going on before it will be followed by a resumption of the prior trend. It is formed by the convergence of a descending resistance line and an ascending support line.