JSE & NYSE Shares Analysis 20 - 24 April
JSE SHARES
Industrials
Afrimat Ltd. (AFT): Afrimat is engaged in the exploration of open-pit mining, processing, and supplying of industrial minerals and materials.
A double bottom pattern is unfolding, with a potential breakout above the neckline around R37.90 set to confirm a bullish reversal. A subsequent close above the upper bollinger band (BB) would further validate the move, signalling strong upward momentum and a shift in trend direction.
A potential Buy/Long idea can be initiated once the price closes above the neckline, with the target set at R41.92 and stop loss at R35.56.
Consumer Services
Famous Brands Ltd. (FBR): Famous Brands manages a chain of restaurants and operates a franchising model. The firm manufactures and supplies its franchisees, the retail trade, and the hospitality industry with a range of meat, sauces, bakery, ice cream, fruit juice, and mineral water products.
The price is in a clear downtrend, trading below the 200-day simple moving average (SMA) and having recently closed below the 50-day SMA, which reinforces the bearish structure and points to a potential continuation to the downside. Further supporting this view, the moving average convergence divergence (MACD) is nearing a bearish cross-under, signalling that downward momentum is likely to strengthen.
A potential Sell/Short idea can be initiated, with the target set at R48.85 and stop loss at R56.75.
Consumer Services
Mr. Price Group Ltd. (MRP): Mr. Price is engaged in the clothing apparel and retail business. The company operates through the following segments: apparel, homeware, financial services, telecoms, and central services.
A falling wedge pattern has been confirmed with a close above the upper trendline and the upper BB around R165, signalling a strong bullish breakout. Adding to the confluence, the MACD has formed a bullish divergence, indicating that downward momentum has been fading and supporting the shift towards upward momentum.
A potential Buy/Long idea can be initiated, with the target set at R205.91 and stop loss at R147.63.
US STOCKS
Information Technology
Wix.com Ltd. (WIX): Wix provides a web development platform for creators, delivering its solutions through a Software-as-a-Service (SaaS) model. Its products include website templates, website builder, website design, Wix features, app market, web hosting, domain names, website accessibility, mobile app builder, and AI website builder.
The price has retested the May 2022 lows around $62, where it found support after a sharp downward move. Following this, the price has moved back within the BB, suggesting that the bearish momentum may be stabilising. Adding to this, the RSI has formed a bullish divergence, indicating that selling pressure is weakening and that a potential upward move could be developing.
A potential Buy/Long idea can be initiated, with the target set at $98.92 and the stop loss set at $61.99.
Industrials
Stanley Black & Decker, Inc. (SWK): Stanley Black & Decker provides power and hand tools, related accessories, products, services and equipment for oil and gas, infrastructure applications, commercial electronic security and monitoring systems, healthcare solutions and mechanical access solutions.
A triple bottom pattern has been confirmed with a close above the neckline at $73.65, signalling a bullish reversal. The price has also moved above the 200-day SMA, reinforcing the shift in trend and suggesting that buyers are regaining control. Supporting this view, the RSI has formed a bullish divergence, indicating that downward momentum has been fading and that upside potential is building.
A potential Buy/Long idea can be initiated, with the target set at $88.97 and the stop loss at $67.88.
Information Technology
Snowflake, Inc. (SNOW): Snowflake privides cloud data warehousing software. The firm offers data cloud, an ecosystem where Snowflake customers, partners, data providers, and data consumers can break down data silos and derive value from data.
The price is testing a major support level around $120 following a strong downward move, where signs of stabilisation are beginning to emerge. It has since closed back within the contracting BB, indicating that volatility is easing and selling pressure may be subsiding. Adding to the improving outlook, the MACD has completed a bullish crossover, suggesting that upward momentum could be starting to build.
A potential Buy/Long idea can be initiated, with the target set at $184.39 and the stop loss at $133.13.
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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