Financials
Discovery Ltd. (DSY): Discovery provides financial and insurance services.
The price initially broke above the upper Bollinger Band (BB) but failed to sustain the breakout, moving back into the channel shortly afterwards. This rejection was reinforced by a bearish engulfing candlestick that formed last week, signalling increasing selling pressure. Despite this short-term weakness, the broader trend remains intact as the price continues to trade well above the 200-day simple moving average (SMA). However, the moving average convergence divergence (MACD) has completed a bearish cross-under, suggesting that downward momentum may build in the near term.
A speculative Sell/Short idea can be initiated, with the target set at R221.33 and the stop loss set at R266.08
Basic Materials
South32 Ltd. (S32): South32 is in the business of metal and mining.
A double top pattern is unfolding, with both peaks testing the upper BB and the neckline positioned around R48.80. As additional confirmation, the relative strength index (RSI) has formed a bearish divergence, indicating that upward momentum is weakening and increasing the likelihood of downside pressure.
A speculative Sell/Short idea can be initiated once the price closes below the neckline, with the target set at R43.15 and the stop loss set at R52.01.
Consumer Goods
Anheuser-Busch InBev (ANH): AB InBev is a holding company that manufactures and distributes alcoholic and non-alcoholic beverages.
The price has closed below the lower boundary of the expanding BBs, signalling increasing downside momentum. At the same time, the relative strength indicator (RSI) is trending toward oversold territory, suggesting there is still room for further downward movement.
A speculative Sell/Short idea can be initiated, with the target set at R1101.09 and the stop loss set at R1265.04.
Information Technology
Intel Corp. (INTC): Intel designs, manufactures, and sells computer products and technologies. It delivers computer, networking, data storage, and communications platforms.
The stock price has tested the 50-day simple moving average (SMA) and closed above it, while it simultaneously held the support level around $43.86. Importantly, the price remains above the 200-day SMA, reinforcing that the broader trend is still bullish. Adding further confirmation, 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 $55.84 and the stop loss set at $39.04.
Financials
State Street Corp. (STT): State Street offers financial services to institutional investors.
The stock price tested the 200-day SMA and closed back above it, signalling that the long-term support level is holding. This move follows a brief bearish breakout below the Bollinger Bands, after which the price moved back inside the band range, indicating that the downside move lacked follow-through. As additional confirmation, the MACD is poised for a bullish crossover, suggesting upward momentum may be starting to build.
A potential Buy/Long idea can be initiated, with the target set at $137.71 and the stop loss set at $111.82.
Energy
Cenovus Energy, Inc. (CVE): Cenovus is a Canadian-based integrated energy company in the oil and gas business.
A rising wedge pattern is unfolding, with a close below $22.50 set to confirm the bearish setup. The pattern follows a recent test of the 2022 resistance zone between $23.50 and $24, where the price faced rejection. Adding to the bearish bias, the MACD has completed a bearish cross-under, signalling that downward momentum may be building.
A speculative Sell/Short idea can be initiated once the price closes below $22.50, with the target set at $18.86 and the stop loss set at $24.28.
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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