BID Bid Corp | The share reached an all-time high on Friday with a print of 47807c. The positive price action development is welcomed considering that clients were alerted to the potential for new highs on 09 January at a price of 41598c (pre-market). Friday's pre-market technical rating for the share showed an OVERBOUGHT condition (see Friday's technical summary), with the Tactical Trading Guide also stating the following for the short term: "Aggressive biying but overbought on the lower time frame. Expect a consolidation or a minor retracement". Friday's candle structure may be reflective of this reading with a 'dark cloud cover' candle formation being printed by the close of the session. Bottom Line: Following the expansive move from 41598c (+14.9%), the buy/long reward-to-risk is less favourable.
The original buy/long was published at ~R280 on 03 October 2022 (see attached).
The original buy/long was published at ~R280 on 03 October 2022 (see attached).
