[Premium] Trade Of The Week

BEL had been in a sideways consolidation for a few weeks and finally broke out above its resistance of 140. With this breakout, the price has broken out of a three-year base and looks ready for another leg of the rally. The indicator too is in bullish territory alluding to the strength that the price has shown.

We are bullish above the level of 140, with a target near 193.

Click on chart to enlarge view.

This stock has been on our radar and we've been looking for a good entry point post the breach of the overhead resistance. As Industrial Manufacturing continues to do well, BEL will benefit from the positive move in this sector.

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Allstarcharts Team