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!
Munyaelliott
OLD MUTUAL LIMITED (OMU) DAILY TIMEFRAME SHORTPrice is moving in a range on the daily timeframe, with the support level at 2 120 and a resistance level at 2 370. Though it is possible that price may move further up to close the massive gap on this stock, it is my belief that prices are going to continue further down due to a cluster of orders that are sitting at or above the resistance level. The daily timeframe already shows two bearish candles that have formed indicating the presence (but not the dominance) of sellers. One of the two is actually engulfing previous bullish candles.
Here is my entry for this trade:
Entry: 2 300
Stop Loss: 2 400
Take-profit: 2 120
Risk-Reward: 1:1,80