BIL Bulls Taking Charge [Sri Lanka]
All technical indicators indicate that BIL will once again reach double digits this year. BIL reached an all-time high of LKR 19.2 in the December 2021 bull run, only to later retrace by 80% to LKR 3.9 in April 2022. BIL appears to have consolidated between LKR 8.2 (0.618 Fib Retracement) and LKR 5.2 (0.786 Fib Retracement) in the subsequent 24 months.
EMA - Trading above the 15/30/65 EMA
Pivot Points - 4H/24H/1W pivot points are bullish
Volume - Increased interest on the counter in the last 3 weeks as volumes spiked
Outlook
I expect BIL bulls to easily reach LKR 7.1 within the next 20 market days. Resistance would appear at LKR 6.6, but selling pressure will be absorbed.
BIL will resume its journey towards double digits, encountering resistance at LKR 8.0, only to be absorbed.
The trade idea will be invalidated if the price drops below LKR 3.9.
Investing carries inherent risks. Please Do Your Own Research (DYOR).
EMA - Trading above the 15/30/65 EMA
Pivot Points - 4H/24H/1W pivot points are bullish
Volume - Increased interest on the counter in the last 3 weeks as volumes spiked
Outlook
I expect BIL bulls to easily reach LKR 7.1 within the next 20 market days. Resistance would appear at LKR 6.6, but selling pressure will be absorbed.
BIL will resume its journey towards double digits, encountering resistance at LKR 8.0, only to be absorbed.
The trade idea will be invalidated if the price drops below LKR 3.9.
Investing carries inherent risks. Please Do Your Own Research (DYOR).
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