The stock will soon complete its Double Bottom formation and after it's completion only you can go long over it at the levels mentioned.
Risk takers can take position now if you know how to manage your risk.
Note:These are my personal views and take trade as per your risk and analysis.
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BEL broken out of contracting triangle and moved like a rocket. Currently in 4th Elliott wave which is corrective in nature. All bonce towards 99 short opportunity with SL 100.2 target 96.4, 95.3, 91.7, 90.90
Disclaimer: All levels pointed on chart are forecast based on mathematical Calculations or chart based technical analysis which may or may not true. This...
Note: This is for educational purpose only.
There seems to be a W pattern breakout in BEL with high buying volume. RSI in daily chart is above 80 so there would be some consolidation before further upmove.
1) BEL has been trading within a channel since late 2014
2) Current week candle has broken the channel median line and trading below 26 week simple moving average
3) Could test the channel bottom.135-140 zone could be important support.
Looking forward to buying after bounce at channel bottom
Bharat Electronics has completed an A-B-C flat correction (refer to the link attached of previous post on BEL) and is headed for all time highs. If you missed the first long opportunity, then can enter again.