BID has found some serious resistance at R290 of late. A close above will trigger a long trade. With a stop loss below R275. First target is R300 with full target at R350.
JSE:BID is trading at a very strong resistance that has been held and tested multiple times since 2016. My logic tells me it won't be able to break through and will bounce down again. If it does this and comes down, I will consider a short at the 27700 level. Alternatively, If it breaks through and continues up, we will likely see a nice strong breakout to the upside.
Seems like BID is trying to break out above 287 horizontal resistance.
If this happens and manages to close above this level things look good for upside targets of 300 and 314. Stop will be a daily close below 275.
So Bid Corp (JSE share), completed a bearish shark pattern.
And after a shark pattern comes the Bullish 5-0 harmonic pattern
Bullish 5-0 Pattern suggest a vuy entry on the 50% retracement of the move @25529
We should see new highs coming soon, target should be 30000 and 32000
Also note the 200 moving average , just bounced off that level.
Invalidation level...
JSE:BID is bouncing off a strong resistance level and is struggling to break higher. If it trades lower than 27000, I will consider a short position as the stochastic and the MACD are showing signs of a momentum change. If it trades lower, the two EMA's will also have crossed downwards signaling a momentum change.
JSE:BID has had some good bullish momentum for the month of November so far, but when it reached the significant resistance level around 28100 it failed to break higher and is showing signs of a turnaround for a downward move. If it breaks through the 200 SMA and confirms by a break below the lows of 10 Nov, I will consider entering a short position.
- Another stock that lost the battle at the 200ma (black line) and has retraced back to the 61.8 retracement level of the last move
- Will be interesting to see if we get any consolidation or relief rally this week
- Keeping on the radar to see if buyers step in
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
JSE:BID has broken through the bottom of a triangle pattern with today's price action so far. If it continues downwards and confirms through the previous lows of around 24500 I will consider a short position. Once broken through, it might find some support around the 21500 level, but could also move all the way down to the 18000 level.
