HomeMarket OverviewJSE & NYSE Shares Analysis | 16-20 September

JSE & NYSE Shares Analysis | 16-20 September

17-09-2024
JSE & NYSE Shares Analysis | 16-20 September

JSE SHARES

Pulp and Paper

Sappi Ltd. (SAP): Sappi Ltd. is a holding company that provides wood-fiber-based solutions. Its products include dissolving pulp, speciality and packaging papers, printing and writing papers, and forestry.

The group’s share price is trading in an ascending channel, after testing the lower bounds of the channel at the R44.00 region. It is currently trading below the 200-day simple moving average (SMA) and a close above the SMA will confirm a bullish trend. The relative strength indicator (RSI) has signalled a bullish divergence at the lower bounds of the channel. 

A potential Buy/Long idea can be initiated with a take profit (TP) set at R54.93 and the stop loss (SL) set at R44.75. 

Image

Mining

Impala Platinum Holdings Ltd. (IMP): Impala Platinum Holdings Ltd. mines, refines and markets platinum group metals (PGMs). It operates in South Africa and Zimbabwe. 

On Friday, the share price closed above the 50-day and 200-day SMA, suggesting the trend has changed direction to bullish. The moving average divergence convergence (MACD) has signalled a bullish crossover, supporting momentum to the upside. 

A potential Buy/Long idea can be initiated with the TP set at R112.47 and the SL at R73.68. 

Image

Pharmacy

Dis-Chem Pharmacies Ltd. (DCP): Dis-Chem Pharmacies Ltd. manufactures and retails pharmaceutical products. It also operates as a wholesaler through CJ wholesale.

A head and shoulders pattern is unfolding on the daily chart. The head is at R37.50 and the shoulders are in the R36.00 region. The overall trend is bullish, signalling a retracement, with the potential to treat the 200-day SMA as a dynamic support and resistance level. 

A speculative Sell/Short idea can be initiated once price closes below the neckline at R34.60 with the TP set at R32.34 and the SL at R36.01.

Image

US STOCKS

Media and Entertainment

Warner Bros. Discovery, Inc. (WBD): Warner Bros. Discovery, Inc. is a premier global media and entertainment company, with a portfolio of content, brands and franchises across television, film, streaming and gaming.

A double bottom pattern has unfolded with the bottoms in the $6.75 region. The pattern’s neckline is at $8.43 and the price closed Friday at $8.50. The moving average convergence divergence (MACD) has crossed over for potentially bullish momentum.  

A speculative Buy/Long can be initiated with the take profit (TP) set at $10.25 and the stop loss (SL) set at $7.33. 

Image

Media and Entertainment

PENN Entertainment Inc. (PENN): PENN Entertainment Inc. owns and manages gambling and racing facilities, and video gaming terminal operations, with a focus on slot machine entertainment.

The share is trading in an ascending channel, after testing the lower bounds of the channel at the $17.28 region. On Friday, the price closed above the 200-day simple moving average (SMA), confirming a bullish trend. The MACD has signalled a bullish crossover.  

A speculative Buy/Long can be initiated with the TP set at $23.02 and the SL set at $17.82.

Image

Information Technology

Micron Technology Inc.(MU): Micron Technology, Inc. is in the business of innovative memory and storage solutions. 

A falling wedge is a bullish chart pattern that occurs when an asset’s price moves in a downtrend but with a narrowing range, creating a wedge shape. This pattern indicates that the selling pressure is decreasing and a potential breakout to the upside could happen. The price has to close above the wedge. As confluence, the relative strength indicator has signalled a bullish divergence, supporting momentum to the upside   

A speculative Buy/Long can be initiated when the price closes above the $95.00 mark with the TP set at $119.16 and the SL at $83.56.

Image

Disclaimer: 

Any opinions, views, analysis or other information provided in this article is provided by BCS Markets SA trading as BROCKSTOCK as general market commentary and should not be viewed as advice according to the FAIS Act of 2002. BCS Markets 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. BCS Markets 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 use of the market commentary. The content contained within the article is subject to change at any time without notice. BCS Markets SA is an authorised financial services provider FSP No. 51404.

Read also

Brokstock
Suite E 111
Midlands Office Park East
Mount Quray Street
Midlands Estate
Gauteng
1692
Monday-Friday
9:00 - 18:00
Follow us on
© 2024 BCS Markets SA (Pty) Limited ('BCS Markets SA').

BCS Markets SA (Pty) Ltd. is an authorized Financial Service Provider and is regulated by the South African Financial Sector Conduct Authority (FSP No.51404). BCS Markets SA Proprietary Limited trading as BROKSTOCK.

The materials on this website (the “Site”) are intended for informational purposes only. Use of and access to the Site and the information, materials, services, and other content available on or through the Site (“Content”) are subject to the laws of South Africa.

Risk notice Margin trading in financial instruments carries a high level of risk, and may not be suitable for all users. It is essential to understand that investing in financial instruments requires extensive knowledge and significant experience in the investment field, as well as an understanding of the nature and complexity of financial instruments, and the ability to determine the volume of investment and assess the associated risks. BCS Markets SA (Pty) Ltd pays attention to the fact that quotes, charts and conversion rates, prices, analytic indicators and other data presented on this website may not correspond to quotes on trading platforms and are not necessarily real-time nor accurate. The delay of the data in relation to real-time is equal to 15 minutes but is not limited. This indicates that prices may differ from actual prices in the relevant market, and are not suitable for trading purposes. Before deciding to trade the products offered by BCS Markets SA (Pty) Ltd., a user should carefully consider his objectives, financial position, needs and level of experience. The Content is for informational purposes only and it should not construe any such information or other material as legal, tax, investment, financial, or other advice. BCS Markets SA (Pty) Ltd will not accept any liability for loss or damage as a result of reliance on the information contained within this Site including data, quotes, conversion rates, etc.

Third party content BCS Markets SA (Pty) Ltd. may provide materials produced by third parties or links to other websites. Such materials and websites are provided by third parties and are not under BCS Markets SA (Pty) Ltd.'s direct control. In exchange for using the Site, the user agrees not to hold BCS Markets SA (Pty) Ltd., its affiliates or any third party service provider liable for any possible claim for damages arising from any decision user makes based on information or other Content made available to the user through the Site.

Limitation of liability The user’s exclusive remedy for dissatisfaction with the Site and Content is to discontinue using the Site and Content. BCS Markets SA (Pty) Ltd. is not liable for any direct, indirect, incidental, consequential, special or punitive damages. Working with BCS Markets SA you are trading share CFDs. When trading CFDs on shares you do not own the underlying asset. Share CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail traders accounts lose money when trading CFDs with their provider. All rights reserved. Any use of Site materials without permission is prohibited.