This is Daily timeframe.
BEL have retraced and now consolidating for last 4 days in a range, it rejected to go for lower levels last day.
MFI is at 21.77 level. There is a chance that is gives a bounce and continue it's rally.
From botttom to top, it is currently at 0.38 fibonacci level.
Keeping SL just above 0.61 fibo level.
Psychology behind trade and SL :
After breakout we have witnessed good rally in BEL.
A step by step process in upmove as you can see the price action(highlighted with yellow line).
And now a retracement. It have started to sustain in a zone now, near 0.38 fibo level, drawing from the bottom where the rally began.
Show rejection yesterday to go down. It may consolidate here for a while in coming days, if eventually it comes near the 0.61 fibo level, I am planning to exit as it will then show weakness in this trend and may go down afterwards. So SL near 0.61 level.
Bullish view psychology - The upward momentum was with accumulation with steps, still it was in short span of time. Big players drived it, entered with step by step accumulating. Look at the Money Flow Index, it was above 60 level and have been sometimes to 90+ levels in the rally.
It's justifies a short term bullish view.
This is my own analysis and is for information purpose only.
BEL have retraced and now consolidating for last 4 days in a range, it rejected to go for lower levels last day.
MFI is at 21.77 level. There is a chance that is gives a bounce and continue it's rally.
From botttom to top, it is currently at 0.38 fibonacci level.
Keeping SL just above 0.61 fibo level.
Psychology behind trade and SL :
After breakout we have witnessed good rally in BEL.
A step by step process in upmove as you can see the price action(highlighted with yellow line).
And now a retracement. It have started to sustain in a zone now, near 0.38 fibo level, drawing from the bottom where the rally began.
Show rejection yesterday to go down. It may consolidate here for a while in coming days, if eventually it comes near the 0.61 fibo level, I am planning to exit as it will then show weakness in this trend and may go down afterwards. So SL near 0.61 level.
Bullish view psychology - The upward momentum was with accumulation with steps, still it was in short span of time. Big players drived it, entered with step by step accumulating. Look at the Money Flow Index, it was above 60 level and have been sometimes to 90+ levels in the rally.
It's justifies a short term bullish view.
This is my own analysis and is for information purpose only.
