BEL to challenge first resistance soon?

BEL is looking good after it showed last Friday a Harami pattern and a good close today. This stock has the potential to continue to rise and challenge the resistance at 4.97. If it will break this resistance and Kijun Sen line will continue to move horizontally, then we have a greater chance it will kiss the Kijun Sen line

Ichimoku elements are still in a bearish mood so be very careful even if we have those possible spikes. One thing we need to observe are bearish candlestick patterns that will form around the resistance levels.

RSI or Relative Strength Index is at 32 and is pointing upwards

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.

2 Responses to BEL to challenge first resistance soon?

  1. I agree that it is still in bearish mood but interesting to see the volume had increased for the past 2 days and it's showing a strong trend as per ADX indicator. Although in the last candlestick (13 June), it rejected the high but the following day still showed a rising price. Looks like the trend will continue :)

  2. Kuzuri Trader says:

    TLB Secs… he he he

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