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BID) is an auctioneer of authenticated fine art, antiques and decorative art, jewelry and collectibles. This stock closed up 3.6% at $45.91 in Wednesday's trading session.
Wednesday's Volume: 2.62 million
Three-Month Average Volume: 1.23 million
Volume % Change: 121%
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From a technical perspective, BID ripped higher here right off some near-term support at $44 and briefly into breakout territory above resistance at $45.98 with high strong upside volume. At last check, BID closed just below that breakout level of $45.98 and below its intraday high and new 52-week high of $46.32. This stock has been uptrending strong for the last three months and change, with shares soaring higher from its low of $32.95 to its high of $46.32. During that move, shares of BID have been consistently making higher lows and higher highs, which is bullish technical price action.
Traders should now look for long-biased trades in BID as long as it's trending above support at $44 or above some more key near-term support at $42.41 and then once it sustains a move or close above its new 52-week high at $46.32 with volume that hits near or above 1.23 million shares. If we get that move soon, then BID will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $50 to $55.