Consumer Services
Truworths International Ltd (TRU): Truworths is in the business of retailing fashion apparel and accessories.
An inverted head and shoulders pattern is taking shape, with the price approaching the neckline after completing the right shoulder. At the same time, the bollinger bands (BB) are beginning to expand, signalling a potential increase in volatility and setting the stage for a stronger momentum move if the neckline is challenged or broken.
A potential Buy/Long idea can be initiated once the price closes above the R59 level, with the target set at R67.13 and the stop loss set at R55.19.
Financials
Stor-Age Property REIT Ltd (SSS): Stor-Age is a real estate investment trust, which is in the business of property funds focused on the self-storage sector, a niche sub-sector of the broader commercial property market.
The share price is trading above the 200-day simple moving average (SMA), indicating that the broader trend remains bullish. In addition, a recent close above the 50-day SMA supports the case for trend continuation. Momentum is also improving, with the moving average convergence divergence (MACD) poised for a bullish crossover, suggesting that upside momentum is likely to strengthen.
A potential Buy/Long idea can be initiated, with the target set at R19.21 and the stop loss set at R16.63.
Consumer Goods
Tiger Brands Ltd (TBS): Tiger Brands is one of the largest businesses in South Africa of manufacturing branded food, home and personal care products. It primarily deals with grains, consumer brands, home and personal care, and exports
A rising wedge pattern is developing, and a close below the lower trend line at R361.60 would confirm the bearish setup. Adding to this, the relative strength index (RSI) has moved out of overbought territory, indicating 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 R334.31 and the stop loss set at R374.51.
Industrials
AeroVironment Inc (AVAV): AeroVironment is in the design, development and production of multi-domain robotic systems and related services for government agencies and businesses.
A double bottom pattern has been confirmed with a decisive close above the neckline around the $102 level, signalling a potential trend reversal. A further close above the 200-day simple moving average (SMA), together with a breakout above the upper band of the expanding bollinger bands (BB), would reinforce the bullish case and confirm that upward momentum is strengthening, with bulls firmly in control of the trend.
A potential Buy/Long idea can be initiated, with the target set at $334.09 and the stop loss set at $215.97.
Materials
Coeur Mining Inc (CDE): Coeur is well-diversified, growing precious metals producer with a focus on generating sustainable, high-quality cash flow and returns from a balanced, prospective asset base in mining-friendly jurisdictions along with commitment to exploration and expansions.
The stock price is trading well above the 200-day SMA, indicating that the bulls remain in control of the broader trend. In addition, the close above the upper BB points to strong upward momentum, highlighting increased buying pressure.
A potential Buy/Long idea can be initiated, with the target set at $23.09 and the stop loss set at $16.08.
Consumer Staples
J&J Snack Foods Corp (JJSF): J&J Snack is in the manufacturing of nutritional snack foods and distribution of frozen beverages to the food service and retail supermarket industries.
The rising wedge pattern has been confirmed with a close below its lower trend line, signalling a bearish continuation setup. This view is reinforced by the share trading below the 200-day SMA, which suggests the broader trend remains negative. Adding further confluence, the MACD has made a bearish cross-under, confirming that downward momentum is gaining traction.
A speculative Sell/Short idea can be initiated, with the target set at $82.89 and the stop loss set at $96.35.
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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