JSE & NYSE Shares Analysis | 31 March - 4 April
JSE SHARES
Basic Materials
Sasol Ltd. (SOL): Sasol Ltd. is a chemical and energy company that sources, produces, and markets chemical and energy products.
A falling wedge pattern breakout has been confirmed at R75, signalling a potential trend reversal to the upside. As confluence, the moving average convergence divergence (MACD) has made a bullish crossover, reinforcing upward momentum.
A potential Buy/Long idea can be initiated, with the target set at R86.55 and the stop loss set at R70.49.
Consumer Services
Bid Corporation LTD. (BID): Bid Corp. Ltd. offers comprehensive food service solutions. It operates in Australasia, the United Kingdom, Europe, and Emerging Markets.
The share price recently tested the ascending trendline at the R430 region. However, it closed below the 200-day simple moving average (SMA). A close above the SMA would signal that bulls are in control, potentially confirming trend continuation. As confluence, the MACD has made a bullish crossover, supporting upward momentum.
A potential Buy/Long idea can be initiated once the price closes above the SMA at R442.05, with the target set at R469.01 and the stop loss set at R424.34.
Consumer Services
Shoprite Holdings Ltd. (SHP): Shoprite is an investment company that manages retail stores.
The share price recently tested the support level at R271.96 and has been trading along the lower bound of the Bollinger Bands (BB), suggesting a potential rebound. As confluence, the MACD has formed a bullish divergence, indicating that downward momentum may be fading, with a possible shift to the upside.
A potential Buy/Long idea can be initiated, with the target set at R290.80 and the stop loss set at R26.
US STOCKS
Consumer Discretionary
eBay, Inc. (EBAY): eBay is a commerce company whose platforms include a suite of mobile apps, an online marketplace, and localised counterparts, including off-platform businesses in South Korea, Japan, and Turkey. It offers various product categories, including parts and accessories, collectibles, fashion, electronics, and home & garden.
The share price closed above the 50-day simple moving average (SMA), a historically significant level for trend continuation. As confluence, the price is trading above the 200-day SMA, reinforcing that bulls are in control of the trend. Additionally, the moving average convergence divergence (MACD) has made a bullish crossover, suggesting upward momentum may continue.
A potential Buy/Long idea can be initiated, with the target set at $75.52 and the stop loss set at $63.
Financials
ICICI Bank Ltd. (IBN): ICICI Bank offers banking and financial services, which include retail banking, corporate banking, and treasury operations.
The share price has tested the resistance level at $31.62 within its consolidation range, with support at $27.55. The relative strength indicator (RSI) is in overbought territory, indicating the price may be due for a potential pullback. A cross below the overbought region would reinforce downward momentum.
A speculative Sell/Short idea can be initiated with the target set at $29.72 and the stop loss set at $32.20.
Communication Services
Take-Two Interactive Software, Inc. (TTWO): Take-Two is in the development, publishing, and marketing of interactive software games. Its products are designed for console systems, handheld gaming systems, personal computers, smartphones, and tablets. They are delivered through physical retail, digital download, online platforms, and cloud streaming services.
A rising wedge pattern has been triggered at the $208 level, indicating a potential trend reversal. As confluence, the moving average convergence divergence (MACD) has made a bearish crossover and formed a bearish divergence, suggesting that upward momentum is weakening and favoring a move to the downside.
A speculative Sell/Short idea can be initiated with the target set at $187.08 and the stop loss set at $214.25.
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
Read also
BROKSTOCK SA (PTY) LTD is an authorised Financial Service Provider and is regulated by the South African Financial Sector Conduct Authority (FSP No.51404). BROKSTOCK SA (PTY) LTD Proprietary Limited trading as BROKSTOCK. BROKSTOCK SA (PTY) LTD t/a BROKSTOCK acts solely as an intermediary in terms of the FAIS Act, rendering only an intermediary service (i.e., no market making is conducted by BROKSTOCK SA (PTY) LTD t/a BROKSTOCK) in relation to derivative products (CFDs) offered by the liquidity providers. Therefore, BROKSTOCK SA (PTY) LTD t/a BROKSTOCK does not act as the principal or the counterparty to any of its transactions.
The materials on this website (the “Site”) are intended for informational purposes only. Use of and access to the Site and the information, materials, services, and other content available on or through the Site (“Content”) are subject to the laws of South Africa.
Risk notice Margin trading in financial instruments carries a high level of risk, and may not be suitable for all users. It is essential to understand that investing in financial instruments requires extensive knowledge and significant experience in the investment field, as well as an understanding of the nature and complexity of financial instruments, and the ability to determine the volume of investment and assess the associated risks. BROKSTOCK SA (PTY) LTD pays attention to the fact that quotes, charts and conversion rates, prices, analytic indicators and other data presented on this website may not correspond to quotes on trading platforms and are not necessarily real-time nor accurate. The delay of the data in relation to real-time is equal to 15 minutes but is not limited. This indicates that prices may differ from actual prices in the relevant market, and are not suitable for trading purposes. Before deciding to trade the products offered by BROKSTOCK SA (PTY) LTD, a user should carefully consider his objectives, financial position, needs and level of experience. The Content is for informational purposes only and it should not construe any such information or other material as legal, tax, investment, financial, or other advice. BROKSTOCK SA (PTY) LTD will not accept any liability for loss or damage as a result of reliance on the information contained within this Site including data, quotes, conversion rates, etc.
Third party content BROKSTOCK SA (PTY) LTD may provide materials produced by third parties or links to other websites. Such materials and websites are provided by third parties and are not under BROKSTOCK SA (PTY) LTD's direct control. In exchange for using the Site, the user agrees not to hold BROKSTOCK SA (PTY) LTD, its affiliates or any third party service provider liable for any possible claim for damages arising from any decision user makes based on information or other Content made available to the user through the Site.
Limitation of liability The user’s exclusive remedy for dissatisfaction with the Site and Content is to discontinue using the Site and Content. BROKSTOCK SA (PTY) LTD is not liable for any direct, indirect, incidental, consequential, special or punitive damages. Working with BROKSTOCK SA (PTY) LTD you are trading share CFDs. When trading CFDs on shares you do not own the underlying asset. Share CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail traders accounts lose money when trading CFDs with their provider. All rights reserved. Any use of Site materials without permission is prohibited.