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.
Switching to a simple line Chart showed this Head and Shoulders Pattern.
I am in this equity, and trust the Pattern gets' Invalidated. Only time will tell.
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Bidcorp, having been spun off from Bidvest in June 2017, stands out as a diversified international food company with operations across 34 countries, marking its prominence in the global foodservice industry. The strategic move to separate from Bidvest was aimed at unlocking shareholder value, a goal that appears to have been successfully achieved, given the...
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...
See link below for previous analysis.
Bidcorp has continued to push higher to new all time highs.
An update of the wave count shows the uptrend is at a very mature stage but can still push higher in the fifth and final wave of wave C of (5).
I opt for caution at such stages of the trend.
A price action above 42500 supports a bullish trend direction.
The blue circle indicates the optimal entry point during a pullback.
Increase exposure for a break above 44800.
The target price is set at 46300 (full retracement of the Fibonacci levels).
The stop-loss is set at 42300.
Remains above its 200-day simple moving average, which is regarded as bullish.
The...
As per my per previous post, the stock had reached a major support zone and bulls did indeed step in aggressively rallying back to R437
Price has now retraced to test the up sloping 20ema and bulls will want to defend R410 or risk another test of major support.
Previous post
A price action above 40400 supports a bullish trend direction.
Increase long exposure for a break above 41600.
The target price is set at 43100, which is close to its 38.2% Fibonacci retracement level.
The stop-loss is set at 39100.
Currently testing its 78.6% Fibonacci retracement, which might act as major support.
This level also confluences with its 200-day...
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...
The stock reached a short term high of R460 before coming off the boil . (overbought RSI)
Price is now returning to a previous level of interest and the upsloping 200dma . It will be important to see where the buyers step in here and if the previous support holds.
The 200-day moving average is a technical indicator used to analyze long-term trends. It’s a...
After a strong reaction to their earnings release, it looks like traders are taking some money off the table. Momentum has shifted from over-bought conditions and we can clearly see the sellers are in control at the moment.
To what extent the pull-back will continue is anybody's guess but at just about a 21 PE, I suspect the stock is probably on the expensive...
JSE:BID met resistance at R358 in Nov 2019 which was momentaliry broken to R361 in Feb 2022 and the break failed to sustain, however creating a higher swing low. This effectively painted an ascending triangle on the Weekly Chart, indication long term bullish sentiment.
Resistance of this ascending triangle was strongly broken in January 2023 and price rallied to...
This name keeps on delivering the goods and looks set for a continued move higher.
Your stronger stocks will generally be above important upward sloping moving averages. A break of the high now targets R465 ... SL below R400
Trend trading is a trading style that aims to capture gains by analyzing an asset’s momentum in a particular direction 1. When the price...
Bidcorp (BID) is a diversified international food company which operates in 34 countries around the world. It was spun out of Bidvest in June 2017 to release shareholder value. We see this as a solid blue chip, rand hedge share which should perform well. About 95% of its income is generated outside South Africa. Bidcorp focuses on the wholesaling and delivery of...
A price action above 1.8475 supports a bullish trend direction.
Further bullish conformation for a break above 1.9285.
The target price is set at 1.9970.
The stop-loss price is set at 1.8110.
The lower panel highlights a bullish MACD crossover from oversold territory.
BID likely to outperform SHP.
BID Corporation has ended the week with a swing high confirmation, this was week 23 of an uptrend, history favours BID to put a weekly top at this point in time. So we can expect price to trend down and break the blue trendline. RSI (14) shows it is now breaking down. Area of interest is the R340-344 level barring a market panic causing extreme moves to the downside.
A price action above 40400 supports a bullish trend direction.
Increase long exposure for a break above 41400.
The target price is set at 42900.
The stop-loss price is set at 38900. Negate the bullish stance for a break below this level.
The upward sloping linear regression channel supports a bullish trend direction.
Remains a risky trade.
JSE:BID is showing signs for a potential long. After the fractal formed on Monday, it has since broken through the 5 candle descending resistance line. This could mean a nice upward move if it continues upward and triggers the trade.
