JSE & NYSE Shares Analysis 16 - 20 March
JSE SHARES
Financials
Fortress Real Estate Investments Ltd (FFB): Fortress is in the development of logistic warehousing, retail centres, and strategic offshore investments.
The price is currently consolidating and has recently tested the support level around R22.40. A decisive close above the 200-day simple moving average (SMA) would strengthen the case for a move higher. Supporting this outlook, the relative strength index (RSI) has crossed back above oversold territory, suggesting that upward momentum may be returning.
A potential Buy/Long idea can be initiated once the price closes above R23, with the target set at R25.50 and stop loss at R21.05.
Basic Materials
Thungela Resources Ltd (TGA): Thungela is in the production and marketing of thermal coal reserves.
The price had been trading above the upper Bollinger Band (BB) but has since moved back within the band range, suggesting that a short-term retracement may follow the recent strong upward move. As additional confluence, the RSI is currently in overbought territory, indicating that upward momentum may be overstretched and downward pressure could emerge in the near term.
A speculative Sell/Short idea can be initiated, with the target set at R126.07 and the stop loss set at R183.14.
Consumer Services
KAL Group Ltd (KAL): KAL is in the business of retail and trade in agricultural, fuel and related retail markets.
The share price recently tested the support level around R43.58, which coincided with the 200-day SMA, and managed to close above both levels. This suggests that the support zone remains intact. In addition, the RSI has moved out of oversold territory, signalling that selling pressure is easing and upward momentum may be developing.
A potential Buy/Long idea can be initiated, with the target set at R50.01 and stop loss at R41.01.
US STOCKS
Materials
Minerals Technologies Inc (MTX): Minerals Technologies is a resource and technology-based company in the mineral, mineral-based, and synthetic mineral products business.
A classic trend continuation setup is evident, with the price closing above the 50-day simple moving average (SMA), while remaining comfortably above the 200-day SMA, and reinforcing the strength of the prevailing uptrend. As additional confirmation, the moving average convergence divergence (MACD) is poised for a bullish crossover, suggesting that upward momentum may soon strengthen.
A potential Buy/Long idea can be initiated, with the target set at $76.71 and the stop loss set at $64.75.
Consumer Staples
Post Holdings Inc (POST): Post is a consumer-packaged goods company that offers refrigeration, foodservice, food ingredients, active nutrition, and private-brand food.
The share price is approaching the support level at around $96. A successful test of this level, combined with the price holding above the lower Bollinger Band (BB) and the relative strength index (RSI) moving out of oversold territory, could signal that selling pressure is easing and upward momentum may begin to develop.
A potential Buy/Long idea can be initiated once the price tests the support level, with the target set at $105.97 and the stop loss set at $93.04.
Energy
Pembina Pipeline Corp (PBA): Pembina is in the business of transportation and midstream services.
A rising wedge pattern is developing, with a close below $44 set to confirm the bearish setup and potentially open the door for a test of the 200-day SMA. As additional confluence, the RSI has formed a bearish divergence, signalling that upward momentum is fading and increasing the likelihood of downside pressure.
A speculative Sell/Short idea can be initiated once the price closes below $44, with the target set at $40.89 and the stop loss set at $45.79.
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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