Sideways channel on Bidvest

Apr 10, 2019

BVT is trading in a sideways channel and has been since mid-November last year. It has reached the top of the channel and will most likely bounce on the resistance and continue downwards. I will enter a short around the 21600 level if it goes down.

Our target level will be the bottom of the channel around the 19000 level, which is also a significant level because round numbers tend to act like magnets for the price action.

If it fails to bounce off and breaks through the resistance, I will consider entering a long position.

Apr 15, 2019

Order cancelled

It failed to bounce and has broken through the resistance, so I will consider looking at a long position now