Basic Materials
Anglo American Platinum Ltd (AMS): Anglo American Platinum Ltd. is a holding company that supplies platinum group metals. The company specialises in mined, recycled, and traded metals including palladium, platinum, rhodium, ruthenium, iridium and osmium.
The share price has been trading in a falling wedge pattern and a bullish breakout occurred, signalling a trend reversal. The price is trading above the 200-day simple moving average (SMA), suggesting the bulls are in charge of the trend.
A potential Buy/Long idea can be initiated with the take profit (TP) set at R839.82 and the stop loss (SL) set at R627.05.
Industrials
Barloworld Ltd (BAW): Barloworld Ltd. is a holding company that offers integrated rental, fleet management, product support, and logistics solutions for industrial equipment and services, and consumer industries.
The share price recently tested the 200-day SMA, indicating a bullish trend. As confluence, the price touched the lower band of the Bollinger Bands (BB) indicator, and a BB squeeze is present, suggesting lower volatility and an impending breakout. As further confirmation, the moving average convergence divergence (MACD) has signalled upward momentum, which remains valid. Please note the company is scheduled to report earnings on November 19, 2024.
A potential Buy/Long can be initiated with the TP set at R91.75 and the SL set at R79.14.
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 broken out above the falling wedge pattern, indicating a potential trend reversal to the upside. Additionally, the share is trading above the 200-day SMA, signalling bulls are controlling the trend. The MACD shows upward momentum, further supporting the bullish outlook.
A potential Buy/Long can be initiated with the TP set at R651.53 and the SL set at R602.08.
Note: Investors and traders should be prepared for market swings influenced by polling data, candidate debates, and policy announcements. They all hold the potential to significantly shift market sentiment.
Information Technology
Cadence Design Systems, Inc. (CDNS): Cadence Design Systems, Inc. designs and develops integrated circuits and electronic devices.
The share price has made a triple bottom pattern at the $245 region and broke above the neckline at $284. As confluence, the moving average convergence divergence (MACD) has signalled a bullish divergence, suggesting downside momentum is fading and favouring upward momentum.
A potential Buy/Long idea can be initiated with the take profit (TP) set at $325.27 and the stop loss (SL) set at $264.90.
Consumer Staples
Clorox Co. (CLX): Clorox Co. manufactures and markets consumer and professional cleaning products. It operates through the health and wellness, household, and lifestyle sectors.
The share price has broken out of a falling wedge pattern at $161, indicating a potential trend reversal. The share has also closed above the 50-day simple moving average (SMA), suggesting a continuation of the upward trend. Furthermore, the price is trading above the 200-day SMA, reinforcing that bulls remain in control. However, the MACD has not yet confirmed a bullish crossover.
A potential Buy/Long can be initiated with the TP set at $174.02 and the SL set at $155.79.
Consumer Discretionary
Dollar Tree, Inc. (DLTR): Dollar Tree, Inc. owns and operates discount variety stores offering merchandise at fixed prices.
The share price has been trading near the lower Bollinger Band, and a contraction in the bands suggests that a strong breakout may be imminent. Additionally, the relative strength indicator (RSI) has crossed above oversold territory, signalling increasing upward momentum. Please note that the company is scheduled to report earnings on November 19, 2024.
A potential Buy/Long can be initiated with the TP set at $78.51 and the SL set at $60.53.
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
