The trading week in Tel Aviv closed with a mixed trend in the leading indices, Tel Aviv 35 decreased by 0.23%, on the other hand, Tel Aviv 125 strengthened by 0.42%. The report seasons came to an end this week with a flood of reports for the closing of the third quarter of the year, Bank Leumi published good reports, on the other hand, Elbit Systems plunged after disappointing the market. The stock market traded in a positive trend mainly in the sub-index, Tel 90 and the oil and gas index stood out positively. The sentiment in the market continued to be negative and weak, certainly in relation to what was happening in the US and Europe, and only a strong trading day at the end of the week significantly corrected the market performance. The weakness in the local market has been evident in recent weeks due to a variety of risks both from the emerging government structure and due to the exposure of the economy to high-tech which, after peaks and euphoria, falls to the ground in months the latter, something that directly affects the companies and indirectly far beyond that. With the entry into the last month of the year, pressure is expected mainly in small stocks that suffered from a negative momentum that could strengthen against the background of “cleaning lines” on the part of the market.
Among the prominent stocks this week in the Tel Aviv 125 index, we mention Electra Consumer, Polyram and Liveperson which rose 16%, 14.5% and 11% respectively. The net decliners were Melinda, Delta Brands and Elbit Systems which shed 13.4%, 12.7% and 11.7% of their value respectively .
Of all the market shares, we mention Erica B-Cure, Canomed and Globe Energy YHSH, which rose 37.9%, 32% and 25.4% respectively. On the other hand, the shares of Kanashore, Plasto Kargel and Space Communications shed 35.4%, 29.7% and 26.1% respectively.
In the weekly summary, the Tel Aviv 35 index fell by 0.23%, the Tel Aviv 90 index rose by 2.01%, the banking index fell by 0.36%, the real estate index rose by 0.89%, the oil and gas index rose by 2.99% And the biomed index strengthened by 1.22%. In the foreign exchange market, the dollar closed the week down 1.5% around the level of NIS 3.4150 per dollar.
The MAOF index – Technical forecast – the Tel Aviv 35 index closed the trading week with a decrease of 0.23% and closed at a level of 1,874.88 points. A trading week of stopping the negative momentum in the local market, despite a slight decrease in the weekly summary. From a technical point of view, the market is still negative in the short term as long as it trades below the level of 1,900 points. You can see that the last few months are characterized by volatility and strong up and down moves, some in relatively short periods of time. Technical support for the market exists in the weekly low area around 1,825 points, resistance exists at the closing gates of the last weekend, a forward exit at the beginning of the trading week can bring the market to the region of 1,900/10 in the first stage.
shekel-dollar – Increases in the US market equal to a dollar going down a notch. This equation works very well in the last year mainly due to the high volatility of the indices especially on specific days as we saw this week which cause a sharp movement due to the high exposures to dollar assets. From a technical point of view, the index is falling a notch below the support with the next stop being a 61.8% correction for the entire last move from August to the highs and it is around $3.3750 per shekel.
The German DAX index – The DEX index calmed down this week even though it was trading very close to the recent highs and close to a substantial resistance band around 14,600/900 points. The index has moved sideways in the last week with red candles symbolizing for the first time a type of sellers within the day, but without a decision on the graph. This may be a change of hands in the market before another up move or preparation for a down move. Support for the index exists at 14,300 points which is the weekly low and below 14,150 points.
The S&P500 index – The S&P 500 rose another notch this week after Powell’s speech on slowing the rate of interest rate hikes. From a technical point of view, the index returns above the 200 average for the first time since April of this year, the short-term technical structure continues to rise and the technical support rises to the low that was created this week around 3,940 points. At the same time, it is difficult to ignore the slow rate of increase that is having difficulty correcting the recent declines in the index from the August peak to the recent lows (this is even more evident in the NASDAQ index, which was hit harder). At this point, despite a rising price structure, it looks like a classic rising wave within a very characteristic downward trend Bear market.
Bitcoin – The positive trend this week in the US has pushed bitcoin forward mostly to nowhere as it gets a roof around $17k per bitcoin. Technically bitcoin continues to be weak with a narrow sideways movement after the recent crash, technical support exists around $15.5k, a break below could open another downward move .
stock analysis
Elbit Systems (1081124) – The company’s shares are traded on the Tel Aviv Index 35. The stock fell this week following disappointment from the reports and broke support with a falling price gap. In the last three trading days, the stock is sitting on a support zone around 57,400, opening a price gap from the beginning of the year, which produced a tremendous upward move. The range of the last few days invites movement below support and further declines towards 55,000 points.Exit above 60,000 will show some kind of strength and desire for a rising correction.Decision coming soon.
Leumi (604611) – The company’s shares are traded in the Tel Aviv Index 35. The stock slipped down in the last month and it seems that the slight respite in the last week is the delay before opening another downward margin. A strong support zone exists around 2,940-3,000 points and those who worsen a weekly closing below 3,000 will be Super negative in the stock and can transfer it to a descending technical structure and not in the short term.
Donitz (400010) – The company’s shares are traded on the Tel Aviv Index 90. Shares, like many companies from the real estate sector, have suffered in recent months from sharp price drops in their shares. Technically, the stock this week reached the low point from last May around 15,000 points and even went forward last Thursday. Continuity is important on the next trading day and this is for technical correction only and not beyond.
Parshkovski (1102128) – The company’s shares are traded in the Tel Aviv 90 index. The stock is the best example of a market that looks ahead, from the peak of April the stock loses 50% of its value to the latest lows and erases returns from 2021. It seems that the stock is looking for one technical correction or another for the last downward wave A close above 9,000 points would be good in the short term.
Shikhun Vabinui (1081942) – The company’s shares are traded on the Tel Aviv Index 35. The stock is trading with negative momentum and only a good index update saved it from breaking support around annual lows at the level of 1,300/20 points. For fans of bottoms and corrections, a reversal above this level and a move forward on the next trading day Can issue a correction of several percent up in the short term.
Delek Group (1084128) – The company’s shares are traded on the Tel Aviv Index 35. The company’s shares recovered this week after a negative momentum after many expectations and a poor IPO by the Ithaca company which it owns. The stock fell to the support zone and the trough since last June and turned up in the middle of the week following the recovery in energy prices A close resistance zone exists around 45,000+ points and above it it is definitely possible to get a continuation of an upward correction.
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Index analysis
stock analysis
This review is intended to help people get a personal view of the sponsor team about the market and about its possible directions, but the analysts cannot be sure of the realization of the scenarios raised as nothing is certain in the capital market at all. Regarding all the shares mentioned above, the above does not contain a recommendation or advice to buy or sell or perform any other action in the shares mentioned, the writer of the lines may own some of the shares in question. Anyone who takes action, does so based on his own judgment.