BAP trade ideas
Nice entry pointThis is a very good entry point as it is close to the bottom of the uptrend and the horizontal range. Be careful if the price breaks the uptrend down.
Bapcor - Ascending Triangle 20% UPSIDETechnically Bap looks to have 20% upside. Plus solid fundamentals to add to the story.
Key Technicals - looking to buy on breakout of ascending triangle with above average volume. Or throw back of breakout.
Key Fundamentals - Growth internationally (TYE SOON aquisition) + New & used car demand remains strong, we are moving around differently than pre covid.
Note: Commbanks household spending intentions series suggests the wealth effect from rising dwellings should be bulllish for motor vehicles moving forward.
With that in mind, i'm watching closely, particularly, the BAP investor day that was postponned from june to July.
We may see a BAP upgrade at some point much like BKW who had/has a very similar chart and is benefiting from the same sort of economic tail winds.
www.commbank.com.au
[EW] ASX:BAP targets 1.74 short-termUpcoming downleg will complete wave (v) of to finish off a correction. Even if it combos there is upside regardless if you catch the end of this correction correctly.
Buy region is ~6.17 - ~6.84, but watch for clear rejection of 6.36 (0.618 of previous impulse). Also note the deep retracement of this (iv), may result in truncated (v). Count internal waves on (v).
NFA DYOR
$BAP:ASX - BAPCOR - Automative Parts Provider up 30% in 3 MonthsBAPCOR is another company I haven't heard much about in terms of its parent brand but their Retail brands of Autobarn, Autopro, Sprint Auto Parts and Car Parts retail store brands, and the Midas and ABS workshop service brands I certainly have. I recently had my car serviced and it's always surprising how much it costs. In theory it is everyone's largest asset after their home, and equally amazing is how many vehicles are on the road. As a generalisation, every 12 months whether the car is brand new or older they seem to require a service at a couple hundred dollars a pop and for older vehicles they also need to be checked every 12 months in order to pass their rego check and be re-registered for the next year. It would seem like a good business to be in for now. The share price seems to be going the right way. Might be worth a watch.
Bapcor Limited, formerly Burson Group Limited, is a provider of automotive aftermarket parts, accessories, automotive equipment and services, and motor vehicle servicing. Its segments are Trade, Retail and Specialist Wholesale. The Trade segment consists of the Burson Auto Parts and Precision Automotive Equipment business units. The Trade segment is a distributor of automotive aftermarket parts and consumables to trade workshops for the repair and service of vehicles, and automotive workshop equipment, such as vehicle hoists and scanning equipment, including servicing of the equipment. The Retail segment consists of business units that are retail customer focused, and includes Autobarn, Autopro, Sprint Auto Parts and Car Parts retail store brands, and the Midas and ABS workshop service brands. The Specialist Wholesale segment consists of the operations that specialize in automotive aftermarket wholesale and includes the AAD business, as well as Bearing Wholesalers and Opposite Lock.
Buy BAPBefore the market open, the is stock price was just above 13 and 50 ema on the daily, also whats so good about this trade it hit its 61% Fib level. The weekly was also a confirmation on the buy side with the 13 and 50 EMA just below the price. I enter this trade on the 5 min chart on the pull back on the 13 EMA.
BAP Long-62 Week ascending triangle
-Well defined, horizontal boundary
-Bollinger band contraction on the weekly and daily
Still on my watchlist and will be a buyer above $6 with a break and close. 30 basis points of risk planned
BAP Long-61 Week ascending triangle
-Well defined, horizontal boundary
-Bollinger band contraction on the weekly and daily
30 basis points of risk planned
Bapcor ascending triangle-1 year ascending triangle
-Well defined boundaries
-High volume previous week with price touching both boundaries within the week
50 basis point risk on break, an additional 50 on close above boundary
