Bidvest has been trading in a range between R212.00 and R192.00 since November of last year.
Since the stock is now getting close to trading at the lower end of that range, it could be a good idea to go long on the company. I would, however, prefer to get in at a lower price than where it is currently trading.
I would thus advise to put in a limit order closer...
JSE:BVT has broken through the descending resistance and has confirmed the breakout.
We can expect a move towards the resistance level around the 21000 level.
For the cautious trader, you can wait for it to break through the fractal or for the more aggressive trader, you could enter immediately.
For the best part of the last six months, Bidvest Ltd has been trading in sideways range of between R212 and R192.
It recently broke above R212, going all the way up to R224.58 but didn't manage to hold the level. The stock is now trading back at support around R192. It is interesting to note, while the stock is sitting on support, the Slow Stochastic is also...
BVT has broken below the R210 support (previous resistance).
Price is now approaching incline support around the R202 area. Just below it is the 200dma at R199.
I’m expecting those 2 levels to hold for a bounce.
Price is currently stuck in a small range with support at 18 300 and resistance at 21 920. This will be a risky trade (not that there is no trade without risk) because we will be going against the trend. However, the risk reward of 4.33 gives me the confidence to still take on this position. My entry will be at 21 550. Break a chart!
Right guys it slipped my mind to pay my Pro account so I've been fighting pop-ups like a madman to bring you this analysis.
Lets get going.
-In #A we can see a rally on (slightly) declining volume after a bounce of the 18055 mark. Looking down at the DMI indicator it looks like its more a case of the bears losing power than the bulls convincingly...
JSE:BVT is trading in a sideways channel and has been since mid-November last year. It has reached the top of the channel and will most likely bounce on the resistance and continue downwards. I will enter a short around the 21600 level if it goes down.
Our target level will be the bottom of the channel around the 19000 level, which is also a significant level...
Bidvest has been trading in this box since November last year with two failed breakouts on both the upper and lower end. Other than those two fake breaks, action has been contained pretty much between R192 - R210. Without any positive news flow in the next couple of days/weeks there is a good chance this R210 level could resist again. If we see a reversal off...
#Daily chart: Price approaching the R210 resistance area which has been holding since at least November 2018 (save for that March 2019 results induced spike).
Will the resistance still hold? I’m expecting it to.
JSE:BVT has formed a "open/close above stomach" pattern which is a strong reversal signal.
It works as follows: After preceding downtrend, the second candle opens and closes above 50% of the long red body.
Along with today's upward movement, we can expect it to reach our target at the next resistance level
Founded by entrepreneur Brian Joffe in South Africa in 1988, Bidvest Group Limited is a well known international trading, services and distribution company which first listed shares for sale on the Johannesburg Stock Exchange (JSE) in 1990. The group either owns or has significant holdings in about 300 companies, with a portfolio of assets that spans five...
Bidvest has broken the ascending stride and retested it. There is negative divergence indicating a continuation of the new downward trend. The smaller trading range (TR) on the daily also indicates that this is distribution and we can expect a test to the recent lows and possibly the demand line of the descending stride.