Technical Analysis on $BEL as of March 27, 2015

This technical analysis of $BEL as of March 27, 2015 is based on patterns. This pattern was kept few weeks ago but just updated today.  This pattern is a weekly chart of $BEL where the lower trend-line is broken.

BEL1

$BEL is still in bearish trend in a weekly chart.  There is a support at 4.14 in a weekly chart which may hold.

In a daily chart, the price action had bounced from 4.25 support but this is a critical support as this is also considered a valid trend-line in this pattern as shown below:

BEL

Based on daily chart, the trend is still bearish but there was consolidation after a fall on February 19, 2015 from 4.49 to 4.19. I can see also a range trade between 4.49 to 4.25 unless this support at 4.25 is broken, a strong support at 4.14 can be seen both in daily and weekly chart.  This was a support on Feb 11, 2015 low at 4.14 in a daily chart and February 13, 2015 in a weekly chart.

I am inclined more to check the support because the trend in a daily and weekly chart is still bearish. Although stochastics is showing positive sign but other indicators are still in downward signal.

Fundamentally, BEL operating revenue in 2014 had increased by 21% as compared to 2013 but consolidated net income has decreased from 3.64B in 2013 to 2.56B in 2014 due to increase of non-recurring gains in 2013.

 

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