A chart from this morning's research. For research insights, including trade ideas, get in touch today.
Wednesday 25-October-2023, 06h30 Bid Corp (BID, 40966c). The share has traded in a well-defined range, with support (buying interest) at R400 and resistance (selling interest) at R435. It is unknown whether the share will hold the R400 level, however, the following is observed: (1) the share has shifted below it's 50-day exponential moving average. The 50-day EMA has also started to turn lower (2) The 3-Day MACD is above the centre line however has a negative alignment (MACD in blue is below the Signal line in orange). Also noted on the MACD is the MACD line looking to cross below the centre line for the first time this year. The last interaction with the centre line was a bullish crossover in late November 2022. One scenario is that the share could rally into the declining 50-day EMA which could act as a resistance zone/selling area. A breach and close below the R400 level could open R386 and R373.
Wednesday 25-October-2023, 06h30 Bid Corp (BID, 40966c). The share has traded in a well-defined range, with support (buying interest) at R400 and resistance (selling interest) at R435. It is unknown whether the share will hold the R400 level, however, the following is observed: (1) the share has shifted below it's 50-day exponential moving average. The 50-day EMA has also started to turn lower (2) The 3-Day MACD is above the centre line however has a negative alignment (MACD in blue is below the Signal line in orange). Also noted on the MACD is the MACD line looking to cross below the centre line for the first time this year. The last interaction with the centre line was a bullish crossover in late November 2022. One scenario is that the share could rally into the declining 50-day EMA which could act as a resistance zone/selling area. A breach and close below the R400 level could open R386 and R373.