Consumer Services
Lewis Group Ltd (LEW): Lewis is in the retail of household furniture and electrical appliances.
The share price has broken out above the falling wedge pattern, a classic bullish reversal signal. However, since it remains below the 200-day simple moving average (SMA), a close above this long-term moving average will be needed to further reinforce the case for sustained upward momentum. The moving average convergence divergence (MACD) has made a bullish crossover, signalling upward momentum is in play.
A potential Buy/Long idea can be initiated once the price closes above the 200-day SMA at R76.18, with the target set at R85.06 and the stop loss set at R71.74.
Basic Materials
Kumba Iron Ore Ltd (KIO): Kumba is in the extraction, production and sale of iron ore.
The share price has tested the 200-day SMA as a dynamic resistance level, where a bearish engulfing candlestick has formed, signalling selling pressure. As confluence, the MACD is poised for a bearish crossunder, suggesting downward momentum may be developing.
A speculative Sell/Short idea can be initiated, with the target set at R289.85 and the stop loss set at R339.09.
Industrials
Raubex Group Ltd (RBX): Raubex is an investment holding company that does infrastructure development.
The share price is testing a major support level around R41 and has also touched the lower band of the Bollinger Bands (BB), highlighting a key reaction area. As confluence, the relative strength indicator (RSI) has moved out of oversold territory, suggesting that upward momentum may be building.
A potential Buy/Long idea can be initiated once the price closes above the support level at R41.16, with the target set at R46.15 and the stop loss set at R39.09.
Consumer Discretionary
AutoZone Inc (AZO): AutoZone retails and distributes automotive replacement parts and accessories.
The stock price has reached a new all-time high of $4 388.11, testing the upper band of the Bollinger Band (BB) before reversing into a bearish engulfing candlestick. As confluence, the relative strength indicator (RSI) has crossed back below overbought territory, suggesting bearish momentum is in play. Adding to this, a spike in trading volume on the downside further reinforces the potential shift in sentiment.
A speculative Sell/Short idea can be initiated, with the target set at $ 4 001.31 and the stop loss set at $4 391.20.
Industrials
Axon Enterprise Inc (AXON): Axon is in the development, manufacture and sale of conducted electrical weapons for personal defence. It operates through the TASER segment and the Software and Sensors segment.
The price has successfully tested a previous support level and closed above it, while the Bollinger Bands are expanding after a period of contraction, signalling a potential buildup in momentum. Adding confluence, the moving average convergence divergence (MACD) has shown a bullish divergence from the prior support test, and has now confirmed a bullish crossover, suggesting upward momentum is gaining strength.
A potential Buy/Long idea can be initiated, with the target set at $885.97 and the stop loss set at R699.86.
Health Care
Alnylam Pharmaceuticals Inc (ALNY): Alnylam Pharmaceuticals is a biopharmaceutical company. It is in the business of developing and commercialising novel therapeutics based on ribonucleic acid interference.
The stock price surged to a new all-time high of $484.21, closing above the upper band of the BB but failing to sustain upward momentum. A subsequent contraction in the bands signals that another burst of volatility in either direction is imminent. As confluence, the RSI has been trading in overbought territory and is showing a bearish divergence, further supporting the case for downward momentum.
A speculative Sell/Short idea can be initiated, with the target set at $397.99 and the stop loss set at $498.85.
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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