Financials
Hosken Consolidated Investments Ltd (HCI): Hosken is a holding company, which provides investments. It operates through media and broadcasting, gaming, transport, properties, coal mining, branded products and Manufacturing.
An inverted head and shoulders pattern is unfolding, with the right shoulder yet to confirm the formation. A close above R135, which coincides with the 200-day SMA, will confirm the neckline breakout, signalling a potential change in trend direction.
A potential Buy/Long idea can be initiated, with the target set at R149.08 and the stop loss set at R127.12.
Industrials
Grindrod Ltd (GND): Grindrod is in the business of freight solutions.
The share price has been trading near the upper band of the expanding bollinger bands (BB), making a new high. However, the Relative Strength Index (RSI) has formed a bearish divergence, signalling weakening upward momentum and the potential for a short-term pullback.
A speculative Sell/Short idea can be initiated, with the target set at R14.63 and the stop loss set at R17.80.
Basic Materials
Omnia Holdings Ltd (OMN): Omnia is in the business of manufacturing and distribution of fertilizers and chemicals.
The double bottom pattern has been confirmed with a close above the neckline at R75.31. Both troughs of the pattern tested the 200-day SMA as a dynamic support level, while the recent close above the 50-day SMA reaffirms the continuation of the upward trend.
A potential Buy/Long idea can be initiated, with the target set at R79.74 and the stop loss set at R72.70.
Industrials
FedEx Corp (FDX): FedEx is a holding company, which is in the business of transportation, e-commerce, business services and business solutions.
There is an imminent golden cross (GC), where the 50-day simple moving average (SMA) is set to cross above the 200-day simple moving average (SMA), signalling a potential long-term trend reversal. The price has recently tested the support of the rising parallel channel and is now heading toward the channel’s resistance level, reinforcing the bullish outlook.
A potential Buy/Long idea can be initiated, with the target set at $260.72 and the stop loss set at $238.50.
Financials
Lemonade Inc (LMND): Lemonade is a holding company, which is in the business of insurance services. The firm's products include renters and homeowners insurance and pet insurance.
The stock price closed above the upper band of the expanding bollinger bands (BB), indicating strong bullish momentum. Trading above the 200-day simple moving average (SMA) further confirms that the bulls remain in control of the trend. As confluence, the moving average convergence divergence (MACD) has made a bullish crossover, supporting continued upward momentum.
A potential Buy/Long idea can be initiated, with the target set at $72.20 and the stop loss set at $49.25
Industrials
Kadant Inc (KAI): Kadant operates as a global supplier of critical components and engineered systems used in process industries worldwide.
An inverse head and shoulders pattern is unfolding, with the right shoulder currently forming. A close above the neckline at $310 will confirm the bullish reversal pattern. As confluence, the moving average convergence divergence (MACD) shows room for further upward momentum, supporting the potential breakout.
A potential Buy/Long idea can be initiated, with the target set at $348.66 and the stop loss set at $290.44.
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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