Bidcorporation still in the Twilight-zone

It definitely can seem tempting to buy (go long) a stock like Bidcorp as by theory it's broken above the Cup and Handle pattern and the moving averages look great 7>21 >200.
However, it's also good to look at the broader picture of price action. Bidcorp has been moving in a sideways rectangle formation since February 2021...
I think only above R30.00 will give me some semblance of hope of a new bull run... Until then, I'm hesitant to go long.

Kommentera:

It definitely can seem tempting to buy (go long) a stock like Bidcorp as by theory it's broken above the Cup and Handle pattern and the moving averages look great 7>21 >200.
However, it's also good to look at the broader picture of price action. Bidcorp has been moving in a sideways rectangle formation since February 2021...
I think only above R348.00 (Corrected) will give me some semblance of hope of a new bull run... Until then, I'm hesitant to go long.