JSE & NYSE Shares Analysis | 25 - 29 November
JSE SHARES
Financials
Remgro Ltd. (REM): Remgro is an investment holding company. It operates through healthcare, consumer products, financial services, infrastructure, diversified investment vehicles, media, portfolio investment, social impact investment, and central treasury.
The share price is trading above the 200-day simple moving average (SMA), indicating bulls remain in control of the trend. The moving average convergence divergence (MACD) has signalled a bullish crossover, suggesting upward momentum. For a potential entry, the share would need to close above the 20-day SMA at R151.45
A potential Buy/Long idea can be initiated with the take profit (TP) set at R165.94 and the stop loss (SL) set at R146.34.
Basic Materials
Mondi Plc (MNP): Mondi Plc is a holding company that manufactures and distributes corrugated and flexible packaging, and uncoated fine paper.
The share price has tested a major support level at R266.60, which it previously tested in April 2020, March 2022, and September 2022. Adding to this confluence, the price has also tested the lower Bollinger Band, while the MACD has signalled bullish momentum.
A potential Buy/Long idea can be initiated with the TP set at R311.88 and the SL set at R260.22.
Consumer Goods
Astral Foods Ltd. (ARL): Astral Foods Ltd. produces and sells animal feed, broiler genetics, day-old chicks, and hatching eggs. It also focuses on breeder, broiler production, and further processing operations, and distributes various key poultry brands.
The share price has tested the resistance level around the R190 region for the second time, potentially signalling the formation of a double-top pattern. The relative strength indicator (RSI) is in overbought territory, indicating that upward momentum may be weakening, favouring a potential shift to downward momentum.
A speculative Sell/Short can be initiated with the TP set at R197.07 and the SL set at R175.84.
US STOCKS
Industrials
Astec Industries, Inc. (ASTE): Astec Industries designs, engineers, manufactures, and markets equipment and components used in road building and construction activities.
The share price has made a bullish breakout from the falling wedge pattern at $38.30. It is now trading above both the 20- and 200-day simple moving averages (SMAs), indicating bulls are firmly in control of the trend.
A potential Buy/Long idea can be initiated with the take profit (TP) set at $44.44 and the stop loss (SL) set at $35.85.
Consumer Discretionary
Abercrombie & Fitch Co. (ANF): Abercrombie & Fitch Co. retails apparel, personal care products, and accessories.
The share price has tested the support level at $131.42. Adding to this confluence, the price tested the 200-day SMA and closed above it, indicating the bullish trend remains intact. Please be advised that the company will release its earnings report on 26 November.
A potential Buy/Long idea can be initiated with the TP set at $174.22 and the SL set at $140.90.
Consumer Discretionary
Guess?, Inc. (GES): Guess? designs, markets, distributes, and licenses contemporary apparel and accessories for men, women and children that reflect the American lifestyle and European fashion sensibilities.
The share price has been in a descending trend, but recently tested the lower Bollinger Band and closed above it. Additionally, the moving average convergence divergence (MACD) has signalled a bullish crossover, indicating potential upward momentum. Please be advised that the company will release its earnings report on 26 November.
A speculative Sell/Short can be initiated with the TP set at $19.17 and the SL set at $16.24.
Disclaimer:
*Any opinions, views, analysis or other information provided in this article is provided by BCS Markets SA trading as BROKSTOCK as general market commentary and should not be viewed as advice according to the FAIS Act of 2002. BCS Markets 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. BCS Markets 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 use of the market commentary. The content contained within the article is subject to change at any time without notice. BCS Markets SA is an authorised financial services provider FSP No. 51404.
** This article was prepared by BROKSTOCK analyst Maboko Seabi
Read also
BROKSTOCK SA (PTY) LTD is an authorised Financial Service Provider and is regulated by the South African Financial Sector Conduct Authority (FSP No.51404). BROKSTOCK SA (PTY) LTD Proprietary Limited trading as BROKSTOCK. BROKSTOCK SA (PTY) LTD t/a BROKSTOCK acts solely as an intermediary in terms of the FAIS Act, rendering only an intermediary service (i.e., no market making is conducted by BROKSTOCK SA (PTY) LTD t/a BROKSTOCK) in relation to derivative products (CFDs) offered by the liquidity providers. Therefore, BROKSTOCK SA (PTY) LTD t/a BROKSTOCK does not act as the principal or the counterparty to any of its transactions.
The materials on this website (the “Site”) are intended for informational purposes only. Use of and access to the Site and the information, materials, services, and other content available on or through the Site (“Content”) are subject to the laws of South Africa.
Risk notice Margin trading in financial instruments carries a high level of risk, and may not be suitable for all users. It is essential to understand that investing in financial instruments requires extensive knowledge and significant experience in the investment field, as well as an understanding of the nature and complexity of financial instruments, and the ability to determine the volume of investment and assess the associated risks. BROKSTOCK SA (PTY) LTD pays attention to the fact that quotes, charts and conversion rates, prices, analytic indicators and other data presented on this website may not correspond to quotes on trading platforms and are not necessarily real-time nor accurate. The delay of the data in relation to real-time is equal to 15 minutes but is not limited. This indicates that prices may differ from actual prices in the relevant market, and are not suitable for trading purposes. Before deciding to trade the products offered by BROKSTOCK SA (PTY) LTD, a user should carefully consider his objectives, financial position, needs and level of experience. The Content is for informational purposes only and it should not construe any such information or other material as legal, tax, investment, financial, or other advice. BROKSTOCK SA (PTY) LTD will not accept any liability for loss or damage as a result of reliance on the information contained within this Site including data, quotes, conversion rates, etc.
Third party content BROKSTOCK SA (PTY) LTD may provide materials produced by third parties or links to other websites. Such materials and websites are provided by third parties and are not under BROKSTOCK SA (PTY) LTD's direct control. In exchange for using the Site, the user agrees not to hold BROKSTOCK SA (PTY) LTD, its affiliates or any third party service provider liable for any possible claim for damages arising from any decision user makes based on information or other Content made available to the user through the Site.
Limitation of liability The user’s exclusive remedy for dissatisfaction with the Site and Content is to discontinue using the Site and Content. BROKSTOCK SA (PTY) LTD is not liable for any direct, indirect, incidental, consequential, special or punitive damages. Working with BROKSTOCK SA (PTY) LTD you are trading share CFDs. When trading CFDs on shares you do not own the underlying asset. Share CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail traders accounts lose money when trading CFDs with their provider. All rights reserved. Any use of Site materials without permission is prohibited.