Financials
Investec Ltd (INL): Investec is in the financial products and services business. The firm operates through wealth and investment management, as well as private banking.
The share price has confirmed a breakout above the falling wedge pattern, signalling a potential trend reversal. Adding confluence, the price has also closed above the upper Bollinger Band, pointing to strong upward momentum. This bullish bias is further supported by the moving average convergence divergence (MACD), which has confirmed a bullish crossover, reinforcing the case for continued upside.
A potential Buy/Long idea can be initiated, with the target set at R148.83 and the stop loss set at R129.49.
Consumer Services
Mr. Price Group Ltd (MRP): Mr. Price is in the clothing and retail business. It operates through apparel, home, financial services, telecoms, and central services.
The price has successfully tested a previous support level and closed above it, while the Bollinger Bands are expanding after a period of contraction, signalling a potential buildup in momentum. Adding confluence, the MACD has shown a bullish divergence from the prior support test and has now confirmed a bullish crossover, suggesting upward momentum is gaining strength.
A potential Buy/Long idea can be initiated, with the target set at R233.20 and the stop loss set at R194.23.
Basic Materials
Sasol Ltd (SOL): Sasol sources, produces, and markets chemical and energy products.
The share price has rallied above the 200-day simple moving average (SMA) and reached the resistance level around R127. However, the relative strength indicator (RSI) is in overbought territory, signalling that upward momentum may be losing steam and a potential reversal could be on the horizon.
A speculative Sell/Short idea can be initiated, with the target set at R100.60 and the stop loss set at R137.43.
Consumer Discretionary
NVR Inc (NVR): NVR is in the construction and sale of single-family detached homes, townhomes and condominium buildings.
Recently, a golden cross (GC) occurred, where the 50-day simple moving average (SMA) crossed above the 200-day SMA, signalling a potential shift in trend direction. Adding confluence, the price closed above the upper Bollinger Band (BB), reinforcing the case for continued upward momentum.
A potential Buy/Long idea can be initiated, with the target set at $9 132.41 and the stop loss set at $8 242.28
Communication Services
Netflix Inc (NFLX): Netflix provides entertainment services. It offers activities for leisure time, videos, and gaming.
A classic trend continuation is unfolding, with the price closing above the 50-day SMA while remaining well above the 200-day SMA. Supporting the bullish case, the relative strength indicator (RSI) still shows room for further upside, with momentum potentially carrying into overbought territory.
A potential Buy/Long idea can be initiated, with the target set at $1 357.23 and the stop loss set at $1 193.71.
Consumer Discretionary
Booking Holdings Inc (BKNG): Booking Holdings is in the provision of online travel and related solutions.
A double top pattern is unfolding, with the neckline at $5 336.52. As confluence, the moving average convergence divergence (MACD) has been showing a bearish divergence and recently confirmed a bearish crossunder, signalling that downward momentum is now in play.
A speculative Sell/Short idea can be initiated once the stock closes below the neckline, with the target set at $292.67 and the stop loss set at $348.81.
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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