Two possible scenarios after release of results 24th August 2017:
On 24th of August Bid Corporation Limited (BID) will be releasing their results and this is always a great opportunity to look for opportunities to place a trade. We do not know beforehand what will happen but if you had a read throughMark Ingham’s note posted on our blog on the 18th of August you can get a good idea of what is expected from the results.
Scenario 1.
Negative results come out on Bid Corporation Limited (BID)
If you look at the chart, then you will see the possible formation of a double top which is a great reversal pattern. Take note that the price must break two support levels before you can place a trade, 1 support level being the red dotted line supporting the price upwards and the second support level indicated with the white dotted line at the price level of 30221c.
If this support breaks, then you can trade and your target price will be 28350c.
(DAILY)
Source: Blomberg
Scenario 2.
Positive results come out on Bid Corporation Limited (BID)
When looking at the chart below a possible triangle can be in the process of forming but take note the price must break the resistance line (solid red line) before moving higher if positive results are released. The price must move a lot higher from where it currently is for the trade to play out. Your first target price will be around 34318c.
(DAILY)
Source: Bloomberg
Read more notes by Barry HERE.
