The share appears to be in distribution, the RSI is already showing negative divergence building up. The blue line is where we expect price to fully confirm that a weekly drop is well underway besides the weekly swing high already confirmed. We can also see price has exited the rising wedge & has backtested it, long positions are best taking profit at these levels.
Comment:
Bulls still trying to push price higher but we begin to see wicks indicating increased selling on each push higher with persisting negative divergence.
Comment:
Though BID pushed higher confirming a weekly low in the process, the bear case remains strong, we need price lower than R401.31 for confirmation.
Trade closed manually