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

Comments

Nice
+1 Reply
IbankerSid LloydPereira
@LloydPereira, Thanks man!
Reply
I don't understand why is such a huge selling pressure , to cross 102 it has to tremendously sweat out and even after that after reaching 103 it could not sustain , last price was below 101.8. How do you look at this with this kind of supply will it cross even 102.5 on Monday. This time I am seriously worried because Holding a position above 103. What do you feel about this brutal selling pressure.
Reply
@IbankerSid You did not revert on my point and what is your view after watching todays session,
Do you still feel it will go up.
Reply
IbankerSid PrasadVele
@PrasadVele, Hi sir, I tried replying to you but the tradinview team automatically put the comment under moderation due to the length I guess. What I mentioned was I respect your opinion and I obviously can be wrong. I trade on all my calls and like with all keep till the stop hits or I feel the target is done. Same here. I still hold my view for upside, if I don't trust my own analysis, then what is the point, right? If it hits my stop, it does. Thanks
Reply
PrasadVele IbankerSid
@IbankerSid
Ok liked your confidence lets watch
Thanks
Reply
Fingers Crossed.. Holding it!!!
Reply
Could not convince need answer for below point
If this has to go up from here then why there a uncontrollable selling pressure on 13th Jul when there was news of govt taking next steps to allow 75%fpi in defence and in morning stock trying to cross 101 but some one intentionally hammered it with huge volumes and failed all's attempt to take it up.
If you observed that then no one will dare to say that it will go above 102 in neXt few days
Reply
Good analysis!
Reply
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