BID Poised for a Weekly Low
Updated
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
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