BIdcorp Diamond formation ready for a break ups to R526?We need a Weekly chart as there is too much chop on the daily.
Bidcorp has been moving nowhere slowly since April 2023.
And during this time it's been moving in a Bullish Diamond Formation.
Why it's bullish is because the previous trend and pole was up.
SO we are expecting a sideways move before the break up and out of the pattern.
Next target will be at R526.74
Bidcorp
Bidcorporation still in the Twilight-zoneIt definitely can seem tempting to buy (go long) a stock like Bidcorp as by theory it's broken above the Cup and Handle pattern and the moving averages look great 7>21 >200.
However, it's also good to look at the broader picture of price action. Bidcorp has been moving in a sideways rectangle formation since February 2021...
I think only above R30.00 will give me some semblance of hope of a new bull run... Until then, I'm hesitant to go long.