Consumer Services
Motus Holdings Ltd (MTH): Motus is a holding company that, through its subsidiaries, provides motor vehicle services.
The share price has been trending higher, consistently using the trendline as a dynamic support level. The recent test marks the third touch on this trendline, reinforcing its significance. As confluence, a golden cross (GC) has formed, with the price closing above the 50-day simple moving average (SMA), while the moving average convergence divergence (MACD) has made a bullish crossover, all signalling continued upward momentum.
A potential Buy/Long idea can be initiated, with the target set at R117.82 and the stop loss set at R100.50.
Consumer Services
Lewis Group Ltd (LEW): Lewis is in the retail of household furniture and electrical appliances.
The share price is testing a critical resistance level around the R85 region, a level it has struggled to sustain above since 2011. The price recently traded above the upper Bollinger Band (BB) but has since closed below it, indicating waning bullish momentum. As confluence, the relative strength indicator (RSI) is in overbought territory, signalling that a potential pullback or downward momentum may be underway.
A speculative Sell/Short idea can be initiated, with the target set at R14.63 and the stop loss set at R17.80.
Financials
Ninety One plc (N91): Ninety One offers asset management services.
The share price has been trading near the upper Bollinger Band (BB), indicating sustained bullish pressure. However, the recent retreat could represent a short-term pullback. As confluence, the MACD has made a bearish crossunder, signalling a loss of upward momentum and the possibility of a brief correction.
A speculative Sell/Short idea can be initiated, with the target set at R48.23 and the stop loss set at R55.06.
Health Care Intellia Therapeutics Inc (NTLA): Intellia is a clinical-stage genome editing company which engages in the development of curative therapeutics using the CRISPR/Cas9 system. Its CRISPR/Cas9 system transforms medicine by producing therapeutics that permanently edit and/or correct disease-associated genes in the human body with a single treatment course, and creating engineered cells that can treat oncological and immunological diseases.
In the last week of October, the stock price gapped lower, triggering a significant expansion in the Bollinger Bands (BB) and heightened volatility. The price tested a critical support level at $11.80, which aligns with the 200-day simple moving average (SMA) and subsequently rebounded from that zone. This rebound suggests the potential for the price to recover further and close the market gap formed during the sell-off.
A potential Buy/Long idea can be initiated, with the target set at $21.86 and the stop loss set at $8.96.
Technology
SolarEdge Technologies Inc (SEDG): SolarEdge is in the business of developing energy technology, which provides inverter solutions.
A double top pattern has been confirmed with a close below the neckline at $34.25, coinciding with a close below the lower band of the Bollinger Bands, both signalling downward momentum. As confluence, the moving average convergence divergence (MACD) has formed a bearish divergence, indicating fading upward momentum and reinforcing the bearish outlook.
A speculative Sell/Short idea can be initiated, with the target set at $22.81 and the stop loss set at $37.90.
Consumer Discretionary
Wynn Resorts Ltd (WYNN): Wynn Resorts is a holding company which designs, develops and operates destination casino resorts.
The stock price tested and closed above the 50-day SMA, which is trending above the 200-day SMA, a strong indication of trend continuation. As confluence, the MACD has made a bullish crossover, confirming that upward momentum remains in play.
A speculative Sell/Short idea can be initiated, with the target set at $151.66 and the stop loss set at $113.32
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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