Technology
Naspers Ltd (NPN): Naspers operates as an Internet and media group. It is in the business of ecommerce, media, corporate social and internet platforms .
A falling wedge pattern is forming, with confirmation expected on a break above the upper trendline at R981.79. This setup is reinforced by the recent move below the lower bollinger band (BB) followed by a rebound, signalling selling exhaustion. In addition, the relative strength indicator (RSI) has exited oversold territory, supporting the case for a potential upside move.
A potential Buy/Long idea can be initiated once the price closes above the R981.79 level, with the target set at R1132.40 and stop loss at R906.76.
Financials
FirstRand Ltd (FSR): FirstRand is in the business of banking, insurance and investment products and services to retail, commercial, corporate and public sector customers.
The price has been making higher highs, but the moving average convergence divergence (MACD) has diverged from price action, signalling signs of weakening upward momentum. This raises the risk of a potential reversal or pullback toward the 50-day simple moving average (SMA), which may act as a dynamic support level.
A speculative Sell/Short idea can be initiated, with the target set at R88.63 and the stop loss set at R96.64.
Consumer Services
Woolworths Holdings Ltd (WHL): Woolworths is in the business of retail and financial services. It operates in Woolworths fashion, beauty, and home, Woolworths food; Woolworths financial services, Woolworths logistics, David Jones, Country Road group and Woolworths financial services.
The price has been consolidating within a range between R62 and R52, with the recent test of the lower boundary coinciding with the 200-day SMA. As confluence, the MACD is poised for a bullish crossover, suggesting that upward momentum may be building from support.
A potential Buy/Long idea can be initiated, with the target set at R60.81 and stop loss at R50.88
Technology
Daqo New Energy Corp (DQ): Daqo manufactures and sells polysilicon to photovoltaic product manufacturers, who further process the polysilicon into ingots, wafers, cells, and modules for solar power solutions.
A falling wedge pattern is unfolding, with the recent move coinciding with a test of the 200-day simple moving average (SMA) as dynamic support. The relative strength index (RSI) has exited oversold territory, indicating that selling pressure is easing and that upward momentum may be developing.
A potential Buy/Long idea can be initiated, with the target set at $32.30 and the stop loss set at $21.93.
Industrials
AeroVironment Inc (AVAV): AeroVironment is in the design, development, and production of multi-domain robotic systems and related services for government agencies and businesses.
The price has been consolidating and recently tested both the support level at the R233 region and the 200-day SMA, before closing back above the moving average, signalling potential trend continuation. As confluence, the moving average convergence divergence (MACD) is poised for a bullish crossover, suggesting that upward momentum may be building.
A potential Buy/Long idea can be initiated, with the target set at $389.50 and the stop loss set at $210.90.
Industrials
Kratos Defense & Security Solutions Inc (KTOS): Kratos is in the business of mission-critical products, services and solutions for the United States national security priorities.
The price briefly breached the lower Bollinger Band but failed to sustain the move and rebounded, signalling selling exhaustion. With the stock still trading above the 200-day SMA, this supports the case for a potential continuation of the broader uptrend.
A potential Buy/Long idea can be initiated, with the target set at $135.24 and the stop loss set at $76.22.
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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