BID Corp - Bank Remaining 50% of Profit - Full Target ReachedToday, BID traded 63c shy of our full target of 32000c from the original suggested entry of 29396.
On 25 June I recommended taking 50% of profits while today traders should be looking to bank the balance.
Well done to those who caught this one.
Let's find the next one.
BID trade ideas
Bid Corp*Extract: Research Report, 31/05 - 04/06*
"BID is attempting the reclaim the neckline of the multi-month inverse head and shoulder technical formation where a close above 29700c opens up 31200c to 32000c. Stop: 28800c Alternatively, the risk is that the 14-month incline is breached."
Update: Also note the smaller cup & handle formation as well as the current break of the downward trend line A_B.
(Current: 29396c)
BID - Strong resistance levelJSE: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.
JSE trade of the month - Bid CorpSo 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 comes in at point C, 22000
BID - potential loss of upward momentumJSE: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.
BID bounce off of resistanceJSE: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.
BIDCORP - Weekly observation- 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.
Triangle Breakout on BID CorporationJSE: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.