BEL's breakout above 306.45 INR signals bullish momentum
Analyzing Bharat Electronics Ltd (BEL) with Fibonacci retracement and trend-based Fibonacci time zones reveals intriguing insights.
The stock has shown a significant upward trend from March to June, peaking around 340.05 INR. The retracement levels are clearly defined, with key support at 240.75 INR (0.618 level) and resistance at 302.15 INR (0.236 level).
The recent price action breaking above 306.45 INR suggests a potential bullish continuation. The Fibonacci time zones indicate critical periods of price action, with notable movements around mid-July and late November.
This confluence of Fibonacci levels and time zones provides a robust framework for anticipating future price movements. Traders should watch for sustained momentum above 306.45 INR for potential long positions, while keeping an eye on support levels for risk management.
The volume spikes also indicate strong buying interest, adding further confidence to the bullish outlook. Stay tuned for more updates as we navigate these key levels!
The stock has shown a significant upward trend from March to June, peaking around 340.05 INR. The retracement levels are clearly defined, with key support at 240.75 INR (0.618 level) and resistance at 302.15 INR (0.236 level).
The recent price action breaking above 306.45 INR suggests a potential bullish continuation. The Fibonacci time zones indicate critical periods of price action, with notable movements around mid-July and late November.
This confluence of Fibonacci levels and time zones provides a robust framework for anticipating future price movements. Traders should watch for sustained momentum above 306.45 INR for potential long positions, while keeping an eye on support levels for risk management.
The volume spikes also indicate strong buying interest, adding further confidence to the bullish outlook. Stay tuned for more updates as we navigate these key levels!
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