JSE & NYSE Shares Analysis 18 - 22 May
JSE SHARES
Financials
FirstRand Ltd. (FSR): FirstRand offers banking, insurance and investment products and services to retail, commercial, corporate and public-sector customers.
A classic trend continuation is unfolding, with a close above the 50-day simple moving average (SMA) signalling a continuation of the prevailing uptrend, while the price remains firmly above the 200-day SMA. Adding to the bullish outlook, the moving average convergence divergence (MACD) is poised for a bullish crossover, suggesting that upward momentum may continue to strengthen.
A potential Buy/Long idea can be initiated once it closes above R89, with the target set at R96.69 and stop loss at R85.28.
Financials
Growthpoint Properties Ltd. (GRT): Growthpoint is in the business of real estate investment. It operates in retail, office, logistics & industrial, trading & development, V&A Waterfront, Growthpoint healthcare portfolio (GHPH), Growthpoint student accommodation (GSAH), Lango, GOZ, and GWI.
The share price recently tested the support level around R16 and successfully closed above both the 50-day SMA and the 200-day SMA, signalling improving bullish momentum and reinforcing the broader upward trend. Supporting this outlook further, the MACD has completed a bullish crossover, indicating that upward momentum is building.
A potential Buy/Long idea can be initiated, with the target set at R18.12 and stop loss at R16.09.
Basic Materials
Anglo American Plc (AGL): Anglo American is a mining company in the exploration and mining of precious base metals and ferrous metals.
A rising wedge pattern has been confirmed with a close below the lower trendline around R860, signalling a potential bearish reversal. Adding to the downside outlook, the MACD has completed a bearish cross-under, indicating that downward momentum is building, favouring further weakness.
A speculative Sell/Short idea can be initiated, with the target set at R733.44 and stop loss at R888.61.
US STOCKS
Consumer Discretionary
Best Buy Co. (BBY): Best Buy is in the business of consumer technology products and services.
A falling wedge pattern has been confirmed with a close above the upper trendline at $57.20, signalling a potential bullish reversal. Supporting this setup, the moving average convergence divergence (MACD) is nearing a bullish crossover, suggesting that upward momentum may be starting to build. However, the Bollinger Bands are contracting, indicating lower volatility and that the market may still be awaiting a stronger directional move.
A potential Buy/Long idea can be initiated, with the target set at $65.40 and the stop loss set at $54.12.
Real Estate
Cousins Properties, Inc. (CUZ): Cousins is involved in the development, acquisition, leasing and management of real estate assets.
The price has been trending lower and continues to trade below the 200-day simple moving average (SMA), reinforcing the broader bearish structure. The downside outlook is further supported by the formation of two bearish engulfing candlesticks, signalling strong selling pressure. A decisive close below the $25.70 support level would confirm a continuation of the downward move. In addition, the relative strength index (RSI) has turned lower after reaching overbought territory, suggesting that there is still room for further downside momentum.
A potential Sell/Short idea can be initiated once it closes below $25.70, with the target set at $22.43 and the stop loss set at $27.19.
Energy
BP Plc (BP): BP is an integrated oil and gas company providing carbon products and services.
The price trading above both the 50-day and 200-day SMAs indicates that short-term momentum has strengthened within a sustained long-term uptrend, confirming a broadly bullish structure. The MACD approaching a bullish crossover suggests that downside momentum is fading and upside pressure is beginning to build. Overall, the alignment of trend and momentum indicators points to a potential continuation of the prevailing uptrend rather than a reversal.
A potential Buy/Long idea can be initiated, with the target set at $51.12 and the stop loss set at $43.03.
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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