BEL’s sound is not in tune

Weekly: BEL’s weekly chart doesn’t look good as bearish sentiment quite strong. Based on japanese candlestick, the previous week we have a Dark Cloud Cover pattern in which bearish bias is confirmed via a long red candlestick. Ichimoku system is also showing bearish sentiment as price on weekly chart is currently below the Kumo or cloud, not to mention Kijun Sen is moving above the Tenkan Sen. Lastly, Chikou Span is still moving below its corresponding price. I think support at 5.0 is very crucial. This week it wasn’t broken but with bearish bias still in the air, this might be tested again. In case this will be broken, our next support will be around 4.50

RSI or Relative Strength Index on weekly chart is still pointing down.

Daily: We don’t disregard the fact that there might be a spike on BEL but may not be enough to lead to a reversal for now. If we look at the daily chart, the Tenkan Sen and Kijun Sen is now touching its other. If this will make a weak bearish signal then this will add up to the bearish signal that Chikou Span is already showing.

Caveat!

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