TECHNICAL ANALYSIS: Bidvest, a low-risk buy for investors | Fin24
 
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TECHNICAL ANALYSIS: Bidvest, a low-risk buy for investors

Aug 14 2018 20:07
Colin Abrams

A monthly chart of Bidvest [JSE:BVT] shows it having dropped to an important support area, making it a low-risk buy for investors, as shown on its chart.

BIDVEST (BVT)

Investment Strategy: Hold if in/Buy if not in

Long-Term Trend: UP

(Monthly)

Chart Setup: Bidvest has sold of this year together with other large-cap findi stocks, but has now reached an important support level at line 2 (R183), as well as line 1 at R185 now.

  • Its rising 20-month moving average is also there to provide extra support.

Its monthly Stochastic is oversold which is bullish.

Bidvest

Strategy: All in all, this is a low-risk entry point for investors to buy/add to existing holdings.

Target: Upside target is to R245 (its April/May highs) for partial profit taking. And take the rest on a retest of its all-time high at the R250 level.

Stop-loss: A monthly close below R179. 

  • Colin Abrams is an independent technical analyst. To subscribe to more recommendations by the author, or attend trading courses, please go to www.themarket.co.za

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

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bidvest  |  markets  |  equities
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