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  • Lester Davids

Active Trading Plan: Bid Corp (BID) - Tuesday, 09 April 2024

Tuesday, 09 April 2024 | 06h30

Reading Time: 1 Minute

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Tuesday 09 April 2024, 06h30 | BID Corp | The resistance level at R461 has held and the share has, in the short term shifted to high bearish momentum phase (while approaching oversold). The share is also approaching the previous mentioned level of R425 (the 200-day SMA at the time). The 200-day SMA is now R428.

As I previously noted at R470 on 05 February (near the peak), the reward-to-risk for new buyers was unappealing (see extract below). Following this we saw an immediate, sharp pullback to R422.

Lester Davids

Analyst: Unum Capital

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