IbankerSid

Weekend series - BEL - Long above 98.35 and Elliott wave targets

Long
NSE:BEL   BHARAT ELECTRONICS
Hi guys, starting a weekend series where I will pick 1-2 buys and 1-2 sells for the coming week.. but of course there will be some pick through the week for intraday purposes as well.

Reasons for long on BEL:
1: Tweezer bottom on BEL at a strong support zone (level is drawn in the chart)
2: Strong ending after taking the strong support, so we can expect a good momentous long on Monday
3: The stock is above my daily fibo levels and no immediate resistances above 98.3

Targets:
1: Our initial target is obviously going to be the strong resistance at 103.5 levels to the swing high of 105.4
2: Beyond them the targets are 108/110/112 based on Elliott levels and option chain. TRAIL STOP LOSS DILIGENTLY
3: As this is the 5th wave, we can expect this to be a good long

#Disclaimer: Trade with a risk reward as per your appetite, consult your financial advisor.

Will update for the correction waves post the completion of the 5th wave.
Trade closed: target reached: Target 1 was achieved today!
Comment: Today almost moved towards the second target of 105.4 (high of 104.65). But the resistance of 103.5 is not an easy one to cross
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