ADvTECH Ltd (ADH): ADvTECH Ltd. is in the education, training, skills development, and career placement services business. It operates through schools, tertiary, and resourcing.
The price has confirmed a bullish breakout from a falling wedge pattern. Adding strength to this setup, a golden cross is imminent, with the 50-day simple moving average (SMA) on course to cross above the 200-day SMA, a classic trend reversal signal. With the price already trading above both moving averages, momentum strongly favours the bulls.
A potential Buy/Long idea can be initiated, with the target set at R35.89 and the stop loss set at R31.68.
Sibanye Stillwater Ltd (SSW): Sibanye Stillwater Ltd. is in the acquisition and exploration of platinum group metals. It operates through US PGM, SA PGM, and US Gold.
The share price has broken above the previous resistance and has now retested it as a new support level, coinciding with a test of the 50-day SMA, and strengthening the bullish case. The next resistance to watch is at R45.37. As confluence, the moving average convergence divergence (MACD) is poised for a bullish crossover, suggesting upward momentum may continue.
A potential Buy/Long idea can be initiated, with the target set at R43.23 and the stop loss set at R34.53.
Hosken Consolidated Investments Ltd (HCI): Hosken Consolidated Investments Ltd. is a holding company. It operates through media and broadcasting, gaming, transport, property, coal mining, branded products, and manufacturing.
The price has made a bullish breakout from a falling wedge pattern, supported by a contraction in the Bollinger Bands, which often precedes a strong move. As confluence, the MACD has already confirmed a bullish crossover, reinforcing that upward momentum is in play.
A potential Buy/Long idea can be initiated, with the target set at R141.60 and the stop loss set at R118.18.
Health Care
Intellia Therapeutics, Inc (NTLA): Intellia is a clinical-stage genome editing company developing curative therapeutics using the CRISPR/Cas9 system. Its CRISPR/Cas9 system transforms medicine by both producing therapeutics that permanently edit and/or correct disease-associated genes in the human body with a single treatment course, creating engineered cells that can treat oncological and immunological diseases.
A golden cross has recently occurred, with the 50-day simple moving average (SMA) crossing above the 200-day SMA, signalling a potential change in trend. The price has tested the key support level at $10, which also aligns with the 200-day SMA and the lows of the COVID-19 pandemic. A close above both moving averages suggests a continuation of the upward trend, while the moving average convergence divergence (MACD) is poised for a bullish crossover, further reinforcing upward momentum.
A potential Buy/Long idea can be initiated, with the target set at $9.78 and the stop loss set at $14.63.
Financials
Wells Fargo & Co (WFC): Wells Fargo & Co. is a diversified, community-based financial services company. It offers banking, insurance, investments, mortgage products and services, and consumer and commercial finance.
This is a classic trend continuation setup, with the price testing and closing above the 50-day SMA while remaining well above the 200-day SMA. The MACD has confirmed a bullish crossover, reinforcing the case for sustained upward momentum.
A potential Buy/Long idea can be initiated, with the target set at $86.51 and the stop loss set at $77.05.
Consumer Discretionary
Advance Auto Parts, Inc (AAP): Advance Auto Parts is in the business of supplying and distributing aftermarket automotive products for both professional installers and do-it-yourself customers.
A double bottom pattern is unfolding, with troughs at $52 and the neckline at $62.37. Notably, the price tested the 50-day SMA at both troughs, reinforcing the setup. A decisive close above the neckline would confirm the pattern and signal a potential trend reversal to the upside.
A potential Buy/Long idea can be initiated once the price meets the above conditions, with the target set at $72.93 and the stop loss set at $57.09.
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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