Sideways channel on Bidvest
Updated
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 because round numbers tend to act like magnets for the price action.
If it fails to bounce off and breaks through the resistance, I will consider entering a long position.
Order cancelled
It failed to bounce and has broken through the resistance, so I will consider looking at a long position now
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