Consumer Goods
British American Tobacco plc (BTI): British American Tobacco is a holding company that manufactures and distributes tobacco products.
The share price tested the support zone around R897.50 and simultaneously held above the 200-day simple moving average (SMA), closing higher after the test. This suggests the long-term support remains intact. Additionally, the relative strength index (RSI) has moved out of oversold territory, indicating that selling pressure is easing and upward momentum is starting to build.
A potential Buy/Long idea can be initiated, with the target set at R997.78 and the stop loss set at R854.51.
Financials
Growthpoint Properties Ltd (GRT): Growthpoint is in the business of real estate investment. It operates through the following segments: retail, office, logistics & industrial, trading & development, the V&A Waterfront, Growthpoint healthcare portfolio, and Growthpoint student accommodation.
The share price tested the upper Bollinger Band (BB) but failed to sustain the move, closing back below it. This rejection was reinforced by the formation of a bearish engulfing candlestick, indicating increased selling pressure. The RSI has formed a bearish divergence, signalling that upward momentum is weakening and raising the risk of a near-term pullback.
A speculative Sell/Short idea can be initiated, with the target set at R16.43 and the stop loss set at R18.61.
Technology
Karooooo Ltd (KRO): Karooooo provides mobility data analytics solutions for the transportation industry.
A double bottom pattern is developing, with both troughs forming near the lower BB, indicating strong buying interest at lower levels. The pattern will be confirmed with a decisive close above the neckline around R815. As additional confirmation, the moving average convergence divergence (MACD) has formed a bullish divergence, suggesting that downward momentum is fading and upward momentum is increasingly favoured.
A potential Buy/Long idea can be initiated once the price closes above the neckline, with the target set at R909.08 and the stop loss set at R752.53.
Consumer Discretionary
Alibaba Group Holding Ltd (BABA): Alibaba is in the business of providing technology infrastructure and marketing reach.
The following reflects a classic trend continuation setup: the price recently closed above the 50-day simple moving average (SMA) while remaining comfortably above the 200-day SMA, reinforcing the prevailing bullish trend. As additional confirmation, the moving average convergence divergence (MACD) has completed a bullish crossover, signalling that upward momentum is strengthening.
A potential Buy/Long idea can be initiated, with the target set at $211.48 and the stop loss set at $144.31.
Financials
Popular Inc (BPOP): Popular operates as a holding company. It is in the business of providing banking and financial services.
The price is testing the resistance zone around $128, and the upper Bollinger Band (BB), but the failure to close above this area suggests selling pressure is emerging. Additionally, the relative strength index (RSI) has formed a bearish divergence compared to the previous test of resistance, indicating that upward momentum is weakening and increasing the likelihood of a short-term pullback or consolidation.
A speculative Sell/Short idea can be initiated, with the target set at $114.46 and the stop loss set at $133.64.
Health Care
Bio-Rad Laboratories Inc (BIO): Bio-Rad is in the development and production of speciality chemicals used in biochemical, pharmaceutical, and other life science research applications.
A falling wedge pattern has unfolded, and the price has closed above the upper BB, signalling a bullish breakout and strong upward momentum. As additional confirmation, the share is trading above the 200-day SMA, reinforcing that the broader trend remains in favour of the bulls.
A potential Buy/Long idea can be initiated, with the target set at $365.81 and the stop loss set at $294.71.
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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