BEL (Bharat Electronics Ltd): Setting Up for a Long Move!
🚀 BEL (Bharat Electronics Ltd): Setting Up for a Long Move! 🚀
Current Market Price: 308.2
Stop Loss: 279
Targets: 322, 340, 360
BEL has shown a strong recovery from its fall (340 to 257) and is now closing above the 61.8% Fibonacci level (309). This signals potential short covering and a bullish breakout. A 12-week base formation adds to the strength, and the monthly candle confirms positive momentum with today's closing.
📈 Strategy:
Consider buying in a staggered manner to manage risks.
Watch for sustained strength above 309 for confirmation.
Follow strict risk management rules to navigate market volatility.
📉 Disclaimer: As a non-SEBI registered analyst, I recommend conducting thorough research or seeking advice from financial professionals before making investment decisions.
#BEL #TechnicalAnalysis #FibonacciLevels #BreakoutStrategy #MarketMomentum #DefenseSector
Current Market Price: 308.2
Stop Loss: 279
Targets: 322, 340, 360
BEL has shown a strong recovery from its fall (340 to 257) and is now closing above the 61.8% Fibonacci level (309). This signals potential short covering and a bullish breakout. A 12-week base formation adds to the strength, and the monthly candle confirms positive momentum with today's closing.
📈 Strategy:
Consider buying in a staggered manner to manage risks.
Watch for sustained strength above 309 for confirmation.
Follow strict risk management rules to navigate market volatility.
📉 Disclaimer: As a non-SEBI registered analyst, I recommend conducting thorough research or seeking advice from financial professionals before making investment decisions.
#BEL #TechnicalAnalysis #FibonacciLevels #BreakoutStrategy #MarketMomentum #DefenseSector
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