HomeMarket OverviewJSE & NYSE Shares Analysis | 20-24 May

JSE & NYSE Shares Analysis | 20-24 May

21-05-2024
JSE & NYSE Shares Analysis | 20-24 May

JSE SHARES

Discovery Ltd (DSY) | Finance: Discovery Ltd. is in the business of financial and insurance services. It operates through Health South Africa, Life South Africa, Invest South Africa, Insure South Africa, Vitality South Africa, Bank South Africa , Health United Kingdom and Life United Kingdom.

The last week of March 2024 we published a buy/long idea, it breached stop loss. The share price is currently trading at R116.20. The price has tested a major support level at R108.82 twice recently, creating a double bottom. The Relative strength indicator (RSI) has signalled a bullish divergence, suggesting momentum to the downside is fading, favouring momentum to the upside.

A potential buy/long idea can be initiated with a take profit (TP) set at R128.60 and the stop loss (SL) set at R108.46.

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Fortress Real Estate Investments Ltd (FFB) | Finance:
Fortress Real Estate Investments Ltd. is in the business of development of logistic warehousing, retail centres and strategic offshore investments.

The third week of April 2024 we published a buy/long idea and it has breached take profit. The share is currently trading at R15.13 and is tarding in an ascending channel, having tested the lower bound of the channel, the share has been steadily making its way up. When price crosses and closes above the the 50-day SMA at R15.20, which has historically confirmed price direction.

A long/buy idea can be initiated with a take profit (TP) set at R16.37 and stop loss (SL) set at R14.42.

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Mondi Plc (MNP) | Process Industries:
Mondi Plc is a holding company which is in the business of manufacturing and distribution of packaging and paper products. It operates through the following packaging: corrugated packaging, flexible packaging and uncoated fine paper.

Three ideas have been published, with one breaching take profit. The share price is currently trading at R367.59. The share price has tested the resistance twice. The Moving average convergence and divergence (MACD) has made a bearish divergence, suggesting momentum to the upside is fading and supporting momentum to the downside. 

A speculative sell/short idea can be initiated once price closes below the resistance level at R364.99 with a take profit (TP) set at R340.72 and stop loss (SL) set at R378.88.

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US STOCKS

AbbVie, Inc (ABBV) | Health Technology: AbbVie, Inc. is a research biopharmaceutical company, which is in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology, oncology, including blood cancers, virology, hepatitis C virus (HCV) and human immunodeficiency virus (HIV) and neurological disorders.

The share price has come down from an all time record high of $182.89 and it is currently trading at $166.42. The price tested the support level at $165.37. The MACD has made a bullish crossover, suggesting momentum to the upside.   

A potential buy/long idea can be initiated with a take profit (TP) set at $174.73 and the stop loss (SL) set at $160.84.

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ConocoPhillips(COP) | Energy Minerals:
ConocoPhillips operates as an exploration and production company, which is in the business of  exploration, production, transport and marketing of crude oil, bitumen, and natural gas.

The share price is currently trading at $121.71. The price has crossed above the descending trend line and it came back to test the descending trend line at the $120 region. The MACD is yet to confirm crossover, suggesting momentum to the upside. The price is also trading above the 200-day SMA, signalling that the bulls are in charge of the main trend.

A potential buy/long can be initiated with a take profit (TP) set at $127.79 and stop loss (SL) set at $117.76.

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Tesla, Inc.(TSLA) | Consumer Durables:
Tesla, Inc. is in the business of the design, development, manufacturing, and sale of electric vehicles, energy generation and storage systems.

The share price is currently trading at $177.46. The price has been in a descending channel, the price recently tested the lower bound of the channel, and is currently making its way back to test the upper bound of the channel. The price is trading above the 50-day SMA, which has historically shown signs of continuation in the set direction. 

A potential buy/long can be initiated with a take profit (TP) set at $200.51 and stop loss (SL) set at $161.94.

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