The shares of Belle Corporation or BEL in the Philippine Stock Exchange made a big noise in 2010 when it pocketed a handsome 224% whet it ended the year at PHP 4.60 from an opening of PHP 1.420 during the start of the year. During the first three weeks of 2011, it continued to fire away some crackers as it reached a high of PHP 6.490. Since then, things became quite for BEL until today.
After peaking at the said high on January 19, bears looked to have taken over BEL especially when it broke down from what appeared to be a double top pattern. So once BEL fell below PHP 5.50, it continued to fall to a low of PHP 4.420. It was able to rebound but remained stuck between a trading range for several weeks. Today, things seem to be bright for BEL again when it broke out from a small triple bottom or a trading range. The only resistance blocking its way is the neckline of the former double top at PHP 5.500. But with volume to support today’s move and the MACD just turning positive, it is likely that BEL will continue to move higher in the coming days. Note that the RSI is also above 50 but below 70, meaning that it has gained some upward momentum but is not yet overbought.