You will recall that I recently highlighted the price action on BID Corp and put it on my potential BUY list:
“… BID also now trading at support of 260, a level that has held since mid-year. The last three days candles haven’t been great and with the price testing incline and horizontal support it makes me now wonder (maybe slightly skeptical) whether this level will continue to hold or if we break lower to test R250.”
Today I sent an email to the Unum Trading Desk:
“Hi All – a small reminder on BID Corp – Now at the 250 level, possibly for ultra-short term traders.”
It should have some buffer with a weaker ZAR however one has to also watch US markets as the sentiment may continue to sour on the back of murky trade relations with China.
These are the trade levels:
I’d look for a print below 247 (low for the day is 247.50) for entry – That’s in line with the FEBRUARY and APRIL lows.
I would look for a re-test of the trend line around 260.
Suggested Stop: 243.50