Looking for higher highs on BVTJSE:BVT seems to be heading for a break through the high from the 16th of July. If it breaks through this high we could be looking at a move up towards the resistance level at 21000.
Bidvest
Bidvest ReversalJSE:BVT has broken through an ascending support level and is looking good for a short position once it breaks through the fractal level of 5th of June.
BIDVEST Descending Resistance Breakout & ConfirmationJSE: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.
BIDVEST GROUP LIMITED (BVT) 4-HOUR TIMEFRAMEPrice 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!
Sideways channel on BidvestJSE: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.
$JSEBVT Bidvest stuck in a BOX. To resist again?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 R210, look for a retest of the lower end of the box and a closure of the gap at R193.50.
Reversal on BidvestJSE: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
THE BIDVEST GROUP LIMITED (BID) 2-HOUR TIMEFRAME NEUTRALThe price on this chart seems to be making a series of lower highs and higher lows, signalling a symmetrical (isometric) triangle. Though this pattern is sometimes regarded as neutral, i believe prices might continue to go higher if and only if there is a breakout to the upside. There was a strong impulse to the upside and if the buyers remain persistent, we might see higher prices reflected by a break to the upside of the symmetrical triangle.
Verdict: Wait for break and follow the price.
Bidvest Correction Is Not Complete YetFounded 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 continents and an employee complement of just over 141 000 people worldwide.
Technicals
I don't believe that the full correction has completed as yet and expect to see a 61.8% Fib retracement from the low before there will be another wave to the downside. This correction will likely end after 3 waves but the possibility of 5 does exist. Once the correction is complete, there are very large targets to the upside.
Caution on BID at current levelsLester Davids, Trading Desk analyst at Unum Capital is cautious of BID at current levels (R303.64)
- Price currently testing overhead trend line resistance
- While we are yet to see the closing price, we currently print a bearish engulfing candle - potentially similar to the prior tests of resistance.
