JSE & NYSE Shares Analysis | 18 - 22 November
JSE SHARES
Basic Materials
Gold Fields Ltd. (GFI): Gold Fields Ltd. is a gold mining company. Its operating mines are located in Australia, Ghana, Peru, and South Africa.
The share price has been consolidating within a range, with resistance at R320.18 and support at R241.94. On Thursday, the price tested the support level. The relative strength indicator (RSI) has crossed over the oversold territory, suggesting momentum to the upside.
A potential Buy/Long idea can be initiated with the take profit (TP) set at R307.43 and the stop loss (SL) set at R219.52.
Financials
Fortress Real Estate Investments Ltd. (FFB): Fortress Real Estate Investments Ltd. is in the development of logistic warehousing, retail centres, and strategic offshore investments.
The share price broke out of a falling wedge pattern at R19.03, with additional support from the price trading above the 200-day simple moving average (SMA). However, the moving average convergence divergence (MACD) has yet to confirm bullish momentum.
A potential Buy/Long idea can be initiated with the take profit (TP) set at R21.03 and the stop loss (SL) set at R17.73.
Financials
Investec Plc. (INP): Investec provides financial products and services. It operates in the following divisions: Wealth & Investment, Private Banking, Group Investments, and Corporate and Investment Banking.
The share price has tested the resistance level at R142.70, close to the R145.50 record high reached in July 2024. It has also tested the upper Bollinger Band. As confluence, the MACD has made a bearish crossover, suggesting potential downside momentum. Please note the company is scheduled to report earnings on November 21.
A speculative Sell/Short can be initiated with the TP set at R133.19 and the SL set at R143.53.
US STOCKS
Information Technology
Uber Technologies, Inc. (UBER): Uber Technologies is a platform that develops and operates technology applications, networks, and products to power movement from point A to point B. The firm offers ride and merchant delivery services for meal preparation, groceries, and others.
The share price has tested the 200-day simple moving average (SMA) around the $71.00 level, acting as a dynamic support/resistance zone. The moving average convergence divergence (MACD) is positioned for a potential bullish crossover, signalling a possible shift in momentum to the upside.
A potential Buy/Long idea can be initiated with the take profit (TP) set at $85.82 and the stop loss (SL) set at $66.86.
Communication Services
Verizon Communications, Inc. (VZ): Verizon Communications, Inc. is a holding company in the communications, information, and entertainment products and services business.
The share price made a bullish breakout from a falling wedge pattern at $47. Adding to this bullish signal, the price is trading above the 200-day SMA, indicating bulls are controlling the trend. As confluence, the MACD has completed a bullish crossover, suggesting upward momentum may continue.
A potential Buy/Long idea be initiated with the TP set at $45.36 and the SL set at $39.28.
Consumer Discretionary
Tempur Sealy International, Inc. (TPX): Tempur Sealy International develops, manufactures, markets, and distributes bedding products. Its brands include Tempur, Tempur-Pedic, Sealy, and Stearns & Foster.
The share price has tested the upper Bollinger Band at $55.80. The relative strength index (RSI) has recently crossed below the overbought level, indicating potential downward momentum. Please note the company is scheduled to pay dividends on November 21.
A speculative Sell/Short can be initiated with the TP set at $48.29 and the SL set at $58.10.
Disclaimer:
*Any opinions, views, analysis or other information provided in this article is provided by BCS Markets SA trading as BROKSTOCK 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.
** This article was prepared by BROKSTOCK analyst Maboko Seabi
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