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Hi Friends, BEL has got perfect cup & handle patter formation.
155 is resistance, above 155.50 can be used for early entry zone to minimize our stop-loss.
But the perfect entry could be after the breakout and good volume.
Please consider this analysis for educational purpose, make sure before you go for a entry.
Thanks
#BEL Being in consolidation for a long time BEL formed a cup and handle pattern which helped it to break out. After breaking out, it has re-tested the demand zone and is definitely a good time to buy.
Educational purpose only - trade at your own risk.
Good luck.
Price forming a triangle pattern and a small break was witnessed on last session, this may be a retest of the breakout level price may climb further up as it is right on the weekly support as mentioned.
s3.tradingview.com
NSE:IOC sits on better, cleaner and futuristic plans for 'fuel' of the next Decade.
Hydrogen and electric based fuel to various vehicles is the narrative all the Automobile based companies aim for.
Therefore companies like IOC, BHEL, BEL etc. are all stocks to hold on for a decade or two until this 'future' manifests.
Earlier my idea on NSE:BEL was slightly bullish but as it has clearly broken out of a perspective I drew on chart of BEL previously, it shows BEL will keep moving UP!
Bullish sentiments well in place now.
NSE:BEL has been running incessantly since March '20. The correction in time and price is expected. Overall I see Bullish sentiments in BEL in long run.
It has given rounding bottom breakout on the daily chart. Delivery volume has increased. All oscillators are in bullish bios. we can see a price movement of 148 to 157 in the near term.
![BEL: [POSITIONAL] BEL: Bearish Flag Breakout](https://s3.tradingview.com/b/BD8BxgDf_mid.png "[POSITIONAL] BEL: Bearish Flag Breakout")
