Is BEL done testing support level?

Looks like BEL is done testing the newly found support as it move up from the slope by 3.6% last week. Notice that we have a downward slope and for two weeks the bears were trying to break the support but failed. Notice also that we have a retracement of 78.6% after the ascend from 4.64 to 5.85 per share. This lead us to speculate that the current rise may continue and hit the 127.2% Fibonacci Retracement level or around 6.18 per share.

RSI or Relative Strength Index is currently at 59.9 which is below overbought level. Current setup of Ichimoku elements are still in green.

Caveat!

One Response to Is BEL done testing support level?

  1. […] shows us the 78.6% Fibonacci Retracement level. Remember also that BEL’s support (found here Is BEL done testing support level?) was already tested and proved to be […]

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