vaibhavmehta611

BEL - FOURTH ATTEMPT TO BREAK THE RESISTANCE

Long
NSE:BEL   BHARAT ELECTRONICS
Price has been in a downtrend since 2018, it has already made 3 attempts to break the resistance zone but has not been successful, now price is attempting to break the resistance zone for the fourth time, also this time the resistance zone is coinciding with fibo 0.50 level, break of which can give quick movement towards 131 & 146 levels.
Note - Structure also seems Like an Inverted Head & Shoulder
Shoulder Target : 30 Points
Head Target : 60 Points
DISC : VIEWS FOR LEARNING PURPOSE ONLY
Comment: Achieved First Target all set for another move to our second target

Comments

i am waiting for 🚩 under resistance for confirmation
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vaibhavmehta611 futureloginn
@futureloginn, consolidation at the zone before breakout would be good for a sustained move 😊
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I have seen the chart and observed in my view and in my view i think market is going to go down because , as it has formed flag pattern for DOWN SIDE ...so please observe it clearly ... as it is my observation .... and it s a educational purpose ..thats it ...
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vaibhavmehta611 harshanthyadav12
@harshanthyadav12, Sir with due respect to your view about the market I have just shared an idea of what the chart is talking to me with the levels if the chart gives a breakout, so for me primarily it would be this chart and market view would be secondary, though it would be really good to have the market trend in our favour to achieve the targets :)
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As per day chart, my idea may be double top
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@utf200, formed an indecisive candle on daily but can't say a double top unless we have a confirmation candle confirming the same, since price can consolidate here and get the averages in sync before moving in either direction
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Very nice chart.
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@KetanM, Thank you 😊
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Lovely.
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vaibhavmehta611 Piyush-Gupta
@Piyush-Gupta, thank you sir 😊
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