JSE & NYSE Shares Analysis | 3 - 7 March
JSE SHARES
Financials
Coronation Fund Managers Ltd. (CML): Coronation Fund Managers Ltd. is an asset management company in traditional fund management and multi-manager investment products.
The share price has been trading in a range since July 2024, with resistance at R40.64 and support at R36.30. A recent close above the 200-day simple moving average (SMA) suggests bulls remain in control of the trend. Additionally, the relative strength indicator (RSI) has signalled a bullish divergence, indicating potential upward momentum.
A speculative Sell/Short idea can be initiated, with the target set at R40.64 and stop loss set at R36.98.
Consumer Goods
British American Tobacco Plc (BTI): British American Tobacco Plc is a holding company that manufactures and distributes tobacco products. Its brands include Kent, Dunhill, Lucky Strike, and Pall Mall. The company operates in the United States, Asia-Pacific and Middle East, Americas, Sub-Saharan Africa, Europe, and North Africa (ENA).
The share price has closed above both the 50-day and 200-day SMAs after testing the 50-day SMA, which has historically acted as a support level for trend continuation. However, the moving average convergence divergence (MACD) has yet to confirm a bullish crossover, leaving momentum unverified.
A potential Buy/Long idea can be initiated, with the target set at R777.36 and the stop loss set at R681.77.
Consumer Services
Pick n Pay Stores Ltd. (PIK): Pick n Pay Stores Ltd. is an investment holding company that trades retail food, clothing, general merchandise, pharmaceuticals, and liquor. It operates throughout South Africa and the rest of Africa.
The share price has been trading within a rising wedge pattern and broke below the lower boundary at R27.70 on Friday, confirming a potential bearish reversal. Additionally, the MACD has made a bearish crossover in oversold territory, reinforcing strong downward momentum.
A speculative Sell/Short idea can be initiated, with the target set at R25 and the stop loss set at R30.19.
US STOCKS
Energy
Kinder Morgan, Inc. (KMI): Kinder Morgan provides pipeline transportation for natural gas services. It operates through the following business segments: natural gas pipelines, product pipelines, terminals, and CO2.
The share price broke above the falling wedge pattern and is trading above the 200-day simple moving average (SMA), indicating bulls are in control. Additionally, the moving average convergence divergence (MACD) has made a bullish crossover, further supporting upward momentum.
A speculative Sell/Short idea can be initiated, with the target set at $29.79 and the stop loss set at $25.37.
Industrials
Chart Industries, Inc. (GTLS): Chart Industries manufactures engineered equipment for the industrial gas, energy, and biomedical industries.
The price has tested a support level in the $181 region and the lower boundary of the Bollinger Bands, suggesting potential for upward momentum. However, the MACD has yet to confirm a bullish crossover.
A potential Buy/Long idea can be initiated, with the target set at $220.16 and the stop loss set at $170.20.
Health Care
Incyte Corp. (INCY): Incyte Corp. is a biopharmaceutical company involved in the discovery, development, and commercialisation of proprietary therapeutics.
A double top pattern has been confirmed, signalling a potential reversal in trend direction. Additionally, the share closed below the lower bound of the Bollinger Bands, indicating strong selling pressure and the potential for further downward movement. Furthermore, the relative strength indicator (RSI) exhibited bearish divergence at the two tops, reinforcing the bearish outlook.
A potential Buy/Long idea can be initiated, with the target set at $80.71 and the stop loss set at $69.38.
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
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