Completed its Double bottom pattern. It may test the 90 support level once to continue the rally. Also forming a Bull Flag pattern in 1 hour time frame. One can take a counter swing trade up to 90rs Stop Loss above 100/- closing basis with double conformation. OR if break the parallel channel.
The set up has completed round shape, now currently forming handle part, it usually takes 1 month. The probable retrenchment are drawn, wait for formation to get complete. On reversal if price crosses neckline (103) , It may go up to 140-150. Duration will be 8-9 week after neckline break out to reach the estimated level.
lets see how it goes
BEL SHORT IF CLOSING BELOW 91.3 TGT: 2 POINTS SL: 1.45 POINTS
Enter Long ONLY if 5 min candle above 92.65 SL:1.85 TGT 3+ Points
Obswervation : Breakpit above 67 Strength : Strong Breakout. 85-86 levels Strong resistance (Above it new tradign range) View negates below 77 (on closing basis) Happy Trading
Box breakout happened but monthly support at 83. so once it is done trget will be 94
NSE:BEL BHARAT ELECTONICS has formed the classic cup and handle pattern on the daily chart. With high buying volume and a positive trend indicates a breakout with a possible target of around 20%.
Short @73.5-74 Stoploss @77.4 Target 1 @68.9 Target 2 67.5 For educational purpose only. You might see info lines on the chart, was tinkering with them :P