BEL Wedge Pattern | Breakout or Breakdown Setup

BEL (Bharat Electronics Ltd) is forming a wedge pattern on the daily chart, indicating a possible strong move soon. Price is nearing the apex, where a breakout or breakdown could define the next trend.

🔍 Chart Summary:

Pattern: Wedge (Lower Highs & Higher Lows)
Timeframe: Daily
Current Price: ₹393.50
Breakout Zone: ₹399.00 – ₹400.00
Confirmation Level: Daily close above ₹400 with volume
Breakout Target: ₹423.00+

🎯 Target Levels After Breakout:

Target 1: ₹406.00
Target 2: ₹413.00
Target 3 / Reversal Area: ₹423.00

📉 Support Zones & Breakdown Risks:

Immediate Support: ₹387.00
Trendline Support: ₹376.00
Major Supports: ₹364.00 / ₹351.00 / ₹339.00
Breakdown Risk Zone: ₹339.00
Full Breakdown: Below ₹339.00 (invalidates bullish setup)

🧠 Analysis Notes:

Volume contracting, indicating pressure build-up.
RSI in mid-range — plenty of room for momentum.
Best to wait for confirmation breakout or breakdown before taking positions.
Avoid trading in the middle of the wedge to reduce false signals.

⚠️ Disclaimer:
This is not financial advice. Content is purely for educational purposes. Please consult your financial advisor before investing. Trading in the stock market involves risk.