BEL next one to breakout?
BEL 1-Day Falling Wedge Breakout Opportunity
Bharat Electronics Ltd. (BEL) has formed a classic falling wedge pattern on the 1-day chart, hinting at a potential bullish reversal. A breakout above the key level of 287 INR could indicate strong upward momentum. If BEL successfully breaks and sustains above this level, it would confirm the bullish outlook, paving the way for potential targets in the highlighted resistance zones.
The initial target range lies between 296 INR and 304 INR, with extended resistance up to 313 INR. These levels align with the 50%, 61.8%, and 78.2% Fibonacci retracement levels, which serve as crucial price zones that may attract sellers. Therefore, monitoring these levels can help traders manage profits on a potential upswing.
On the downside, a closing below 275 INR would invalidate the bullish view, signaling potential weakness and a reversion to the support zone. This level should be used as a stop-loss to manage risk. Overall, a breakout above 287 INR could provide a promising opportunity for bullish traders, with targets set between 296 INR and 313 INR, while maintaining caution below 275 INR.
Bharat Electronics Ltd. (BEL) has formed a classic falling wedge pattern on the 1-day chart, hinting at a potential bullish reversal. A breakout above the key level of 287 INR could indicate strong upward momentum. If BEL successfully breaks and sustains above this level, it would confirm the bullish outlook, paving the way for potential targets in the highlighted resistance zones.
The initial target range lies between 296 INR and 304 INR, with extended resistance up to 313 INR. These levels align with the 50%, 61.8%, and 78.2% Fibonacci retracement levels, which serve as crucial price zones that may attract sellers. Therefore, monitoring these levels can help traders manage profits on a potential upswing.
On the downside, a closing below 275 INR would invalidate the bullish view, signaling potential weakness and a reversion to the support zone. This level should be used as a stop-loss to manage risk. Overall, a breakout above 287 INR could provide a promising opportunity for bullish traders, with targets set between 296 INR and 313 INR, while maintaining caution below 275 INR.
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