Over the last few months, Bidvest has been a profitable counter, benefiting clients on both the long and short side (see related). Today, we consider another sell, with the key drivers as follows:
- Following a rapid move off the lows of week, the price trades in the 50/61.8% Fibonacci retracement zone
- Trades at prior swing high and prior breakdown level, which has acted as a resistance area
Trade Levels:
Sell/Short at current levels (19387c) or higher. Preferred range: 19387c up to 19560c
Stop-loss: 19960c
Target Range: 18400c-18600c
- Following a rapid move off the lows of week, the price trades in the 50/61.8% Fibonacci retracement zone
- Trades at prior swing high and prior breakdown level, which has acted as a resistance area
Trade Levels:
Sell/Short at current levels (19387c) or higher. Preferred range: 19387c up to 19560c
Stop-loss: 19960c
Target Range: 18400c-18600c
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