BID LongWe have entered a long position on JSE:BID .
It has been trading in an upward channel for quite a few days. It retraced a bit and has bounced off the bottom of the channel and seems to be on its way up. We are looking for it to get some resistance at around the 28780 level and will exit the trade if it goes down to the previous support level at around 26200.
BID trade ideas
BID Corporation with possible trend reversalJSE:BID formed a bearish engulfing candle formation yesterday which broke through the upward trendline.
This could possibly mean a trend reversal if it continues downwards. Look for a possible short position soon. Target would be in the support area a little further down.
JSE_BID: Wyckoff - BID Corporation showing leadersipThe stock relative to the Industrial 25 Index is showing leadership, has broken the downward stride and broken the accumulation range. Following the Wycoff logic we see accumulation of shares and a jump of the creek in Phase D. We are now waiting for a pullback to the creek, which is also the Yearly Pivot Point and 200SMA around 28000. Will be looking for an entry after the low volume pullback to go long.
Caution on BID at current levelsLester Davids, Trading Desk analyst at Unum Capital is cautious of BID at current levels (R303.64)
- Price currently testing overhead trend line resistance
- While we are yet to see the closing price, we currently print a bearish engulfing candle - potentially similar to the prior tests of resistance.