Basic Materials Gold Fields Ltd (GFI): Gold Fields is a gold mining company with operations located in Australia, Ghana, Peru and South Africa.
The share price tested and closed above the 50-day simple moving average (SMA), which is trending above the 200-day SMA, an indication of trend continuation. As confluence, the moving average convergence divergence (MACD) has made a bullish crossover, confirming that upward momentum is applicable.
A potential Buy/Long idea can be initiated, with the target set at R893.33 and the stop loss set at R602.54.
Technology
Altron Ltd (AEL): Altron is in the business of technology solutions. It operates through the following segments: managed services, digital transformation, own platforms and Altron Arrow.
A falling wedge pattern has been confirmed, with the price closing above the upper trendline at R18.50, confirming a potential bullish reversal. The MACD has formed a bullish divergence, suggesting that downward momentum is fading.
A speculative Sell/Short idea can be initiated, with the target set at R21.85 and the stop loss set at R17.33.
Consumer Goods
British American Tobacco plc (BTI): British American Tobacco is a holding company that manufactures and distributes tobacco products.
A bearish engulfing candlestick formed on Monday, signalling weakening upward momentum as the price closed below the upper Bollinger Band (BB). Although the relative strength indicator (RSI) has not yet entered overbought territory, it is approaching that level, suggesting that a potential short opportunity may be on the horizon if selling pressure intensifies.
A speculative Sell/Short idea can be initiated once the price closes below the upper BB, with the target set at R878.78 and the stop loss set at R974.35.
Materials Pan American Silver Corp (PAAS): Pan American is in the operation, development and exploration of silver and gold producing properties and assets.
The stock price tested and closed above the 50-day simple moving average (SMA), which is trending above the 200-day SMA, a strong indication of trend continuation. As confluence, the moving average convergence divergence (MACD) has made a bullish crossover, confirming that upward momentum remains in play.
A potential Buy/Long idea can be initiated, with the target set at $44.16 and the stop loss set at $33.
Financials
MarketAxess Holdings Inc (MKTX): MarketAxess operates an electronic trading platform that allows professional investors to trade corporate bonds and other types of fixed-income instruments. It also provides automated and algorithmic trading products in equities and foreign exchange.
A falling wedge pattern has unfolded, with the price closing above the upper trendline at $167.50, confirming a potential bullish reversal. As confluence, the MACD has formed a bullish divergence, indicating that downward momentum is fading and supporting the case for upward movement.
A potential Buy/Long idea can be initiated, with the target set at $200.72 and the stop loss set at $155.12.
Communication Services
Take-Two Interactive Software Inc (TTWO): Take-Two Interactive is in the development, publishing and marketing of interactive software games.
The stock price tested and closed above the 200-day SMA with a bullish engulfing candlestick, signalling potential trend continuation. As confluence, the relative strength indicator (RSI) has crossed above the oversold territory, indicating that upward momentum is building and supporting a possible move higher.
A speculative Sell/Short idea can be initiated, with the target set at $263.05 and the stop loss set at $220.42.
Disclaimer:
*Any opinions, views, analysis, or other information provided in this article is provided by BROKSTOCK SA trading as BROKSTOCK as general market commentary and should not be viewed as advice according to the FAIS Act of 2002. BROKSTOCK SA does not warrant the correctness, accuracy, timeliness, reliability, or completeness of any information provided by third parties. You must rely upon your judgement in all aspects of your investment decisions, and all decisions are made at your own risk. BROKSTOCK SA and any of its employees shall not be responsible for and will not accept any liability for any direct or indirect loss, including, without limitation, any loss of profit which may arise directly or indirectly from the use of the market commentary. The content contained within the article is subject to change at any time without notice. BROKSTOCK SA is an authorised financial services provider - FSP No. 51404. T&Cs and Disclaimers are applicable: https://brokstock.co.za/
** This article was prepared by BROKSTOCK analyst Maboko Seabi
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