Will BEL bounce at 38.2% Fibonacci Retracement level?

BEL has retraced by 38.2% after it rallied to 5.52 per share few days ago. Aside from the 38.2% Fibonacci Retracement level that act as its support, it is also near the Kijun Sen line which will add support for the price not to go down further. Thus, it is very important to monitor BEL tomorrow. If we will have a good candlestick pattern then it might bounce, otherwise it will continue to move down with next support at 5.09

RSI or Relative Strength Index has dropped to 52 today.

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.

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