Technology
Bytes Technology Group plc (BYI): Bytes Technology Group Plc provides IT software offering and solutions with a focus on cloud and security products.
The price has been making lower lows, but the most recent low is signalling a potential reversal after testing the lower bollinger band (BB). This is reinforced by a bullish divergence on the relative strength index (RSI), strengthening the case for a move to the upside.
A potential Buy/Long idea can be initiated, with the target set at R84.96 and the stop loss set at R68.93.
Financials
Capitec Bank Holdings Ltd (CPI): Capitec Bank is a bank controlling company, which is in the business of retail banking services.
A bearish engulfing candlestick formed on Monday after the price failed to hold above the upper BB, signalling a potential short-term retracement within the broader bullish trend. Adding to this, the moving average convergence divergence (MACD) has formed a bearish divergence, indicating that upward momentum is weakening.
A speculative Sell/Short idea can be initiated, with the target set at R4505.85 and the stop loss set at R4062.59.
Basic Materials
Mondi plc (MNP): Mondi is in the business of manufacturing and distribution of packaging and paper products.
The price has tested the support level around R185, with the RSI showing a potential bullish divergence that suggests upward momentum may be developing. In addition, the price failed to sustain a move below the recent BB breakout and has since retraced higher, reinforcing the case for a rebound.
A potential Buy/Long idea can be initiated, with the target set at R222.46 and the stop loss set at R179.60.
Energy
SM Energy Co (SM): SM Energy is an independent energy company, which is involved in the acquisition, exploration, development, and production of oil, gas, and natural gas liquids.
A falling wedge pattern has been confirmed with a close above the upper trendline around $19, signalling a potential bullish reversal. As confluence, the MACD has completed a bullish crossover, reinforcing the case for upward momentum.
A potential Buy/Long idea can be initiated, with the target set at $21.59 and the stop loss set at $17.63.
Consumer Discretionary
Urban Outfitters Inc (URBN): Urban Outfitters is in the operation of a general consumer product retail and wholesale business selling to customers through various channels including retail locations, websites, catalogs, and mobile applications..
The stock price is approaching a potential test of the trendline, while the MACD is poised for a bullish crossover, both signalling improving momentum. A successful test and close above the 200-day simple moving average (SMA) would further confirm a shift toward upward movement.
A potential Buy/Long idea can be initiated once price closes above $223.28, with the target set at $263.65 and the stop loss set at $203.25.
Information Technology
Snowflake Inc (SNOW): Snowflake is in the business of cloud data warehousing software. The firm offers data cloud, an ecosystem where Snowflake customers, partners, data providers, and data consumers can break down data silos and derive value from data.
A falling wedge pattern is unfolding, with a close above the upper trendline at $223.28, which would also place price above the 200-day SMA, confirming a potential bullish reversal. As confluence, the MACD has formed a bullish divergence, indicating that downward momentum is fading and increasing the likelihood of a move higher.
A potential Buy/Long idea can be initiated once price closes above $69.96, with the target set at $82.93 and the stop loss set at $64.75.
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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