Basic Materials
BHP Group Ltd (BHG): BHP is involved in the exploration, development, production and processing of iron ore, metallurgical coal, and copper.
A potential head and shoulders pattern is unfolding, with the neckline at R447.51. A confirmed close below this neckline, along with a close beneath the 200-day SMA, would further reinforce bearish momentum and signal that the bears are in control of the trend.
A speculative Sell/Short idea can be initiated, with the target set at R414.07 and the stop loss set at R464.86.
Consumer Goods
British American Tobacco plc (BTI): British American Tobacco is a holding company that manufactures and distributes tobacco products. Its brands include Kent, Dunhill, Lucky Strike, and Pall Mall.
The share price has created a gap down, leaving it at R11.25 and closing below the lower bound of the Bollinger Band. A similar setup occurred in April 2024, when the price gapped to R10.80 from R17.08 before eventually closing the gap. As confluence, the relative strength indicator (RSI) is currently in oversold territory, signalling that bulls may be poised to take charge and attempt a recovery.
A potential Buy/Long idea can be initiated, with the target set at R1007.48 and the stop loss set at R882.80.
Financials
Momentum Group Ltd (MTM): Momentum is in the business of insurance, asset management and financial services.
The share price tested the lower band of the Bollinger Band but failed to close below it, indicating that bearish momentum was not strong enough to push the price further down. The RSI is in oversold territory, suggesting a potential rebound to the upside. As confluence, the price is still trading above the 200-day SMA, reinforcing that the overall trend remains bullish.
A potential Buy/Long idea can be initiated, with the target set at R37.58 and the stop loss set at R31.58.
Consumer Discretionary
MGM Resorts International (MGM): MGM is a holding company that owns and operates casino resorts, which offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.
The stock price has confirmed the falling wedge pattern with a breakout and closed above the 50-day simple moving average (SMA), signalling continuation of the upward trend. As confluence, the price is also trading above the 200-day SMA, showing that bulls remain in charge. The moving average convergence divergence (MACD) has made a bullish crossover, further reinforcing momentum to the upside.
A potential Buy/Long idea can be initiated, with the target set at $40.32 and the stop loss set at $34.44.
Health Care
Humana Inc (HUM): Humana offers health insurance services.
A golden cross has occurred, with the 50-day SMA crossing above the 200-day SMA, signalling a potential long-term trend reversal. The price is currently testing the 200-day SMA as a dynamic support level, while the MACD is poised for a bullish crossover, further supporting the case for upward momentum.
A potential Buy/Long idea can be initiated, with the target set at $309.20 and the stop loss set at $238.33.
Industrials
Verisk Analytics, Inc. (VRSK): Verisk provides data, analytics and technology services. The firm also offers predictive analytics and decision support solutions to clients in rating, underwriting, claims, catastrophe and weather risk.
The price is testing the 2023 highs as a support level at the $248 region, following a sharp sell-off that pushed it below the Bollinger Band (BB) before rebounding at the support. As confluence, the MACD has formed a bullish divergence, suggesting that downward momentum is exhausted and supporting the case for a potential upward move
A potential Buy/Long idea can be initiated, with the target set at $276.13 and the stop loss set at $232.27.
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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