broke out of its 5 month long sideways move to close at a fresh post crash weekly and daily closing high of 185.65. Overhead resistance of 210 (2018 all time high) is very important and the stock may take some more time to break through this level. However once this resistance is taken out on a weekly basis the stock enters uncharted territory ( ATH
) and can rapidly go much higher.
This makes BEPL
a great medium to long term buy at this price.
Resistance : 210 weekly and 220 daily (both from 2018)
Target : 220 is a good short term target. the 1.618 Fibonacci level of 341 is a great medium to long term target.
Stop Loss: Bullish
view is invalidated if stock gives a WEEKLY close below 165-168