BEL Elliott Wave Analysis

 BEL daily chart

BEL hourly chart

In the above daily chart, he stock is moving in a falling channel by making lower highs and lower lows, as far as prices persists in this channel the bias continues to be negative. However, there is a high possibility for prices to bounce from current levels as it is trading near the support of the channel. Daily RSI is also turning from the level of 34.

In the hourly chart, prices is trading in a 45 degree angle and it is also on the brink to complete wedge pattern, once this pattern is completed there will be a sharp bounce pushing prices higher. The current resistance for this stock will be placed at 97. RSI is also exhibiting positive divergence.

From Waves perspective, a corrective wave (a-b-c) is on the verge to complete starting from the top. In wave c we can see ending diagonal pattern in which it has almost completed its last leg i.e wave v where wave c will complete. After that it can start wave a or can start wave x both the probabilities are open which can soar it till 97 levels.

The summation is BEL is positively poised to test 97 levels in near term with support at 82(closing basis).

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