$JSEBID - BID Corp: Finally Catches A Bid And Then Some...
Bidcorp stock has been underwhelming since listing, generally moving sideways in choppy fashion and as a result has not been in my watchlist, until now.
From September 2022, the share price started to rally in an impulsive manner and on the 1st of February 2023 released a positive trading statement expecting HEPS and EPS to increase between 43% to 49%.
The market loved the news and the share continued its rally.
What is clear from an Elliott Wave point of view though is that from the September 2022 low of 27500 zac, the stock has traced a five wave impulse and is therefore due a pullback in three waves.
With the release of its results for the half year ended December 31st 2022 on or about February 22nd 2023, I will sit on my hands and not chase momentum until i see a clear three wave pullback before joining the bulls.
From September 2022, the share price started to rally in an impulsive manner and on the 1st of February 2023 released a positive trading statement expecting HEPS and EPS to increase between 43% to 49%.
The market loved the news and the share continued its rally.
What is clear from an Elliott Wave point of view though is that from the September 2022 low of 27500 zac, the stock has traced a five wave impulse and is therefore due a pullback in three waves.
With the release of its results for the half year ended December 31st 2022 on or about February 22nd 2023, I will sit on my hands and not chase momentum until i see a clear three wave pullback before joining the bulls.
