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Bidcorp rally runs out of steam

by , 25 June 2019
Bidcorp rally runs out of steam
Bidcorp's attempted breakout above the R320 per share resistance level failed, this is the third time since 2017 that Bidcorp's share price failed to move above R320.

The share price has pulled back over 3% with further advances unlikely, investors should look to lock in profits as the share price is on a standard deviation of 2.4. This signals a pullback is likely, and a retracement has started.

As you can see in the below chart, a pullback should find support around the R282.50 level. A longer-term target would be at R252.50.
Sell Bidcorp above R315.00, traders can short the share above R315.00 and make around 10% profit as it falls to the R385 mark.
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The week ahead:
Local: Quarterly Employment Statistics (25/06); Producer Price Index (27/06)
Results Due: EPS, ETO, IVT, OMN, SNH, WSL (25/06); PPC (26/06); ART (27/06); CSG, DTA, HDC, NCS, PBG, SEB, SEP (28/06)
Special/Share Premium Dividend: TBS (25/06)
Other Economic data releases of interest…
Tuesday: RBA Assist Gov Bullock Speaks (AUS); OPEC Meetings (All); FOMC Member Williams Speaks; CB Consumer Confidence; Fed Chair Powell Speaks (USA); Official Cash Rate, RBNZ Rate Statement (NZL)
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Bidcorp rally runs out of steam
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