BEL has been on an uptrend from Support of 90, and recently it touched the level of 120.
120 has been a long term resistance, Only once in its lifetime the stock has successfully been able to break this level.
1. The momentum of the uptrend has fazed out after the level of 115
2. A doji candle is formed at the resistance level of 120
3. Bearish Divergence can be seen in various momentum and oscillator indicators. Eg: RSI and MACD
4. Highest Call OI is at the level of 120, followed by 125.
This analysis indicates that 120-125 is a clear supply zone for BEL.
120 has been a long term resistance, Only once in its lifetime the stock has successfully been able to break this level.
1. The momentum of the uptrend has fazed out after the level of 115
2. A doji candle is formed at the resistance level of 120
3. Bearish Divergence can be seen in various momentum and oscillator indicators. Eg: RSI and MACD
4. Highest Call OI is at the level of 120, followed by 125.
This analysis indicates that 120-125 is a clear supply zone for BEL.