A welcome correction
BEL CMP 283.95
This stock is in a strong bull trend. Hence this correction of 20% from the highs is a welcome opportunity. The stock has bounced back from the Fib confluence at 264/266. Currently it is taking support above the crossover of the two trendlines. This means tremendous support. Lastly, RSI testing the trendline after breaking it and also above the bull zone is very positive. Also note that the RSI is above the TWO MA Crossover point. This is again very very positive. In my view its a good buy on this correction.
This stock is in a strong bull trend. Hence this correction of 20% from the highs is a welcome opportunity. The stock has bounced back from the Fib confluence at 264/266. Currently it is taking support above the crossover of the two trendlines. This means tremendous support. Lastly, RSI testing the trendline after breaking it and also above the bull zone is very positive. Also note that the RSI is above the TWO MA Crossover point. This is again very very positive. In my view its a good buy on this correction.
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