JSE & NYSE Shares Analysis | 26-30 August
JSE SHARES
Afrimat Ltd. (AFT): Afrimat Ltd. is in the business of open pit mining, processing, and supplying of industrial minerals and materials. It operates the following through construction materials, industrial minerals, bulk commodities, future materials and metals.
The share price has been trading in an ascending channel, this comes after testing the lower bound of the channel, price tested and closed above the 200-day simple moving average (SMA) at region of R63.00. The moving average divergence convergence (MACD) has signaled a bullish crossover, suggesting momentum to the upward direction.
A potential Buy/Long idea can be initiated with a take profit (TP) set at R72.16 and the stop loss (SL) set at R61.19.
Investec Ltd. (INL): Investec Ltd. is in the business of financial products and services. The firm operates through wealth & investment; private banking; and Investment Banking.
A potential head and shoulders pattern is unfolding on the share price, the head of the pattern formation is at a record high of R144.02 and both the shoulders peaked at the region of R137.00. The share price needs to close below the neck line at R130.24 to complete the pattern formation and potentially signaling a price reverse.
A speculative sell/short idea can be initiated once price close below R130.24 with a take profit (TP) set at R113.83 and the stop loss (SL) set at R135.78.
Renergen Ltd. (REN): Renergen Ltd. operates as an investment holding company, which is in the business of provision of alternative and renewable energy sectors.
A falling wedge pattern has unfolded, a bullish continuation or bullish reversal pattern, indicating a potential upward price movement. The share price has closed above the falling wedge, signaling a potential upward movement. Price closed above the 200-day simple moving average (SMA), suggesting trend change.
A potential Buy/Long idea can be initiated with a take profit (TP) set at R16.88 and the stop loss (SL) set at R11.14.
US STOCKS
Enphase Energy, Inc. (ENPH): Enphase Energy, Inc. is a global energy technology company, which is in the business of designing, developing, manufacturing and selling home energy solutions that manage energy generation, energy storage, control and communications on one intelligent platform.
The share price has broken above the double bottom neck line at R122.95 and price slightly closed above the neck line at R123.69. Both the first and second bottom reached regions of $97.00 .The price closed above the 200-day simple moving average (SMA), suggesting a change in direction to uptrend.
A speculative Buy/Long can be initiated with a take profit (TP) set at $150.59 and the stop loss (SL) set at $110.24.
Alcoa Corp. (AA): Alcoa Corp. is in the mining of bauxite. The firm is also involved in the upstream aluminum industry. It operates through the Alumina and Aluminum divisions.
The share price has been in an uptrend line. In the beginning of August the share price tested the uptrend line at $28.10. The price is trading above the 200-day simple moving average (SMA), suggesting bulls are in charge of the trend. As a confluence of confirmation, the relative strength indicator (RSI) was in overbought territory when price tested the trend line.
A speculative Buy/Long can be initiated with a take profit (TP) set at $43.00 and the stop loss (SL) set at $29.43.
Best Buy Co. Inc. (BBY): Best Buy Co. Inc. is in the business of consumer technology products and services. It operates in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales. Internationally it operates in Canada, Europe, China, Mexico and Turkey.
A falling wedge has formed and confirmed a bullish continuation, indicating a potential upward price movement. The share price has been trading above the 200-day simple moving average (SMA), suggesting the downward pressure was a retracement. The price closed above the falling wedge and the moving average divergence convergence (MACD) has made a bullish crossover.
A potential buy/long idea can be initiated with a take profit (TP) set at $96.96 and the stop loss (SL) set at $83.78.
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