JSE & NYSE Shares Analysis | 1 - 5 July
JSE SHARES
BHP Group Ltd (BHG): BHP Group Ltd. is in the business of exploration, development, production and processing of iron ore, metallurgical coal, and copper.
The share price has tested the support level at R524.00 region. The Moving Average Convergence Divergence (MACD) is yet to confirm a bullish crossover, suggesting the momentum to the upside.
A potential buy/long idea can be initiated with a take profit (TP) set at R563.67 and the stop loss (SL) set at R503.92.
Bytes Technology Group plc (BYI): Bytes Technology Group Plc provides IT software offering and solutions with a focus on cloud and security products.
The share price has been trading in an ascending channel, after testing the lower bound of the channel at the R111.00 region. The price crossed above the 50-day Simple Moving Average (SMA), and the price has historically shown a continuation of movement in this direction.
A potential buy/long idea can be initiated with a take profit (TP) set at R147.70 and the stop loss (SL) set at R118.66.
Fortress Real Estate Investments Ltd (FFB): Fortress Real Estate Investments Ltd. is in the business of development of logistic warehousing, retail centres and strategic offshore investments.
The share price is trading in an ascending channel, having tested the higher bound of the channel at the R17.00 region. The Relative Strength Indicator (RSI) has reached the overbought region and crossunder, suggesting the momentum to the upside will cool off, and favouring the downward momentum.
US STOCKS
Wells Fargo & Co. (WFC): Wells Fargo & Co. is a diversified, community-based financial services company. It is in the business of banking, insurance, investments, mortgage products and services, and consumer and commercial finance.
The share price is trading in an ascending channel, the price tested the lower bound of the channel. Additionally, the price is trading well above the 200-day Simple moving average (SMA),signalling that the bulls are in charge of the trend. The Moving Average Convergence and Divergence (MACD) has made a bullish crossover, suggesting momentum to the upside is applicable.
A Buy/Long idea can be initiated with a target set at $63.84 and the stop loss set at $56.58.
Union Pacific Corp. (UNP): Union Pacific Corp. is in the business of railroad and freight transportation services.
The share has been trading in an ascending channel, which has recently tested the lower bound of the channel at regions of $221.00. The Relative Strength Indicator (RSI) has made a bullish divergence, suggesting the momentum to the downside is fading and favouring upward momentum.
A Buy/Long idea can be initiated with a target set at $247.20 and the stop loss set at $215.62.
Ross Stores, Inc. (ROST): Ross Stores, Inc. is in the operation of off-price retail apparel and home accessories stores.
The share price has tested the high of February 2024, which reached a record high of $151.12, recently the share tested the high and retraced from the high. The Relative Strength Indicator (RSI) has crossed under the overbought territory, suggesting the momentum to the downside is favoured.
A speculative sell/short idea can be initiated with a target set at $135.78 and the stop loss set at $151.38.
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