Consumer Services
Pick n Pay Stores Ltd (PIK): Pick n Pay is an investment holding company that retails food, clothing, general merchandise, pharmaceuticals, and liquor. It operates in South Africa and the rest of Africa.
The share price has tested a key support level around R24 and held above it. Meanwhile, the Bollinger Bands (BB) are expanding after a period of contraction, signalling that momentum is picking up and a stronger move may be developing.
A potential Buy/Long idea can be initiated, with the target set at R28.22 and the stop loss set at R23.22.
Financials
Reinet Investments SCA (RNI): Reinet is a closed-end, specialised investment fund. It identifies and invests in assets that offer long-term growth potential.
A rising wedge pattern is unfolding, with a close below the lower trendline at R568.97 set to confirm the bearish setup. As confluence, the moving average convergence divergence (MACD) has formed a bearish divergence, signalling that upward momentum is fading and increasing the likelihood of a move to the downside.
A speculative Sell/Short idea can be initiated, with the target set at R510.86 and the stop loss set at R606.44.
Technology
Datatec Ltd (DTC): Datatec is in the development and provision of information and communication technology solutions and services.
A rising wedge pattern has formed following the move to an all-time high, signalling a potential trend reversal. As confluence, the relative strength index (RSI) has developed a bearish divergence, indicating that upward momentum is weakening and increasing the risk of a pullback.
A speculative Sell/Short idea can be initiated, with the target set at R69.32 and the stop loss set at R85.81.
Information Technology
IPG Photonics Corp (IPGP): IPGP is in the design, development, production and distribution of fibre lasers, laser systems, fibre amplifiers, and related optical components.
The stock has confirmed a falling wedge breakout, with the price closing above the 50-day simple moving average (SMA) while remaining above the 200-day SMA. This alignment signals a continuation of the broader uptrend, strengthening the bullish outlook.
A potential Buy/Long idea can be initiated, with the target set at $97.54 and the stop loss set at $74.19.
Consumer Discretionary
Golden Entertainment Inc (GDEN): Golden Entertainment is in the development, finance, management, and ownership of casino properties.
The share price remains above the 200-day SMA, confirming the broader uptrend. A close above the upper Bollinger Band signals strong upside momentum, while the bullish moving average convergence divergence (MACD) crossover reinforces the case for continued strength.
A potential Buy/Long idea can be initiated, with the target set at $30.64 and the stop loss set at $26.61.
Consumer Discretionary
Wayfair Inc (W): Wayfair is in the business of online home furnishing stores.
The stock tested the upper Bollinger Band but failed to hold above it, forming a bearish candlestick. At the same time, the relative strength index (RSI) has turned lower from overbought levels, suggesting momentum is shifting to the downside.
A speculative Sell/Short idea can be initiated, with the target set at $94.94 and the stop loss set at $125.37.
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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