This chart is just for study purpose to understand the price action on BEL chart.
BEL has previously given a rounding bottom breakout on Weekly charts in August 2021 and it achieved its pattern target by Sept'22. Price after making its high in Sept'22 was under consolidation and correction and is travelling in a falling channel on weekly timeframe and has taken a good support at Fibo support zone of 50 to 61.8 retracement level of the Momentum journey which it started from May'22 till Sept'22 .
It has respected this zone since last three months and has given a very good weekly closing last week. The falling channel combined with its previous momentum journey is also making a flag & Pole pattern on weekly tf and any breakout upside can give next leg of upmove to achieve its pattern target around 135 to 140 levels.
BEL has previously given a rounding bottom breakout on Weekly charts in August 2021 and it achieved its pattern target by Sept'22. Price after making its high in Sept'22 was under consolidation and correction and is travelling in a falling channel on weekly timeframe and has taken a good support at Fibo support zone of 50 to 61.8 retracement level of the Momentum journey which it started from May'22 till Sept'22 .
It has respected this zone since last three months and has given a very good weekly closing last week. The falling channel combined with its previous momentum journey is also making a flag & Pole pattern on weekly tf and any breakout upside can give next leg of upmove to achieve its pattern target around 135 to 140 levels.
Comment:
From 97 to 103+
Comment:
BEL 110+
Comment:
BEL 122+