The stock relative to the Industrial 25 Index is showing leadership, has broken the downward stride and broken the accumulation range. Following the Wycoff logic we see accumulation of shares and a jump of the creek in Phase D. We are now waiting for a pullback to the creek, which is also the Yearly Pivot Point and 200SMA around 28000. Will be looking for an entry after the low volume pullback to go long.
Note
BID continues to show signs of strength. With a strong move last week. As we are close to the highs I will still wait for a pullback to go long. Note
BID still has underlying strength but as it approaches the previous highs there is increased volume on down candles indicating some selling taking place. Watch the highs for a reaction.Note
A reaction did occur at the highs and BID is backing up to the trading range at around 285 and the Yearly Pivot Point. Above this there are some volume clusters. So will look for support coming in at the Accumulation Range.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.