I was amazed when I saw the market reaction when I looked at the chart after Bid Corporation (BID) released their results. To my mind the results were excellent and expected the price to move higher but price broke down as shown in my Scenario 1 chart on the technical take posted on the 23rd of August. Price broke the resistance levels and moved lower to around 29326c before it started to move higher again.
For full results click: HERE
Keep an eye on this one as Bid Corporation (BID) can see buyers coming into the market at this price level and take it higher.
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 through Mark 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.
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
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