BVT trade ideas
BidvestThe share has rallied strongly from the double bottom breakout at 18000c however is now trading in a consolidation range around it's flat 200-day moving average 19887c. Typically, we would see a share break above the MA before turning lower. This may very well be the case with BVT as a downside "gap" of 19293c may potentially be closed, acting as a short term target. The near term moving averages have lost upside momentum, suggesting a short term consolidation phase ahead.
BVT - First Target ReachedWe may derive the following from the Weekly BVT chart:
1. Price has pretty much reached our first target (See linked idea).
2. Majority of profit can be taken.
3. A bid is most likely to occur at demand level (purple box).
4. Monitor price action and watch for further shorting potential.
5. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.
BVT - Bearish Head & ShouldersAfter a May Rally, BVT has drifted lower to form a weak looking left shoulder. On my daily chart it looks like the price has already broken the upward trend line support as well as the actual neckline. I will be looking to get short if we see a bounce towards R193.00. An extension of the recent high should see us attempt a target near R180.00.
From a momentum perspective, both the stochastic RSI and the RSI are looking weak which already implies, downside bias.