Chorus Limited (ASX: CNU)
Chorus Limited is New Zealand’s leading telecommunications infrastructure company that provides wholesale access to its network.
Technical Analysis: On the daily chart, CNU stock prices are sustaining below the horizontal trendline resistance level and facing the resistance of the same. Moreover, the momentum oscillator RSI (14-period) is showing a reading of ~54.25 level. However, the prices are trading above the trend-following indicator 21- period & 50-period SMA, which may act as crucial support level. An important support level for the stock, is placed at AUD 5.60 while the key resistance level is placed at AUD 7.30.
Investors can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario.
Considering the company’s current price levels with indecisiveness, investing in this stock at such uncertain levels should be taken with a calculated approach; hence a ‘Watch’ stance is suggested. The stock was analysed as per the closing price of AUD 6.60 per share, up by ~1.382% as on 04th July 2022.
Daily Technical Chart – CNU
Source: REFINITIV
Castillo Copper Limited (ASX: CCZ)
Castillo Copper Limited is an Australia-based copper-focused exploration company. The Company is primarily engaged in four projects across Australia and Zambia.
Technical Analysis: On the weekly chart, CCZ stock prices are trading below the downward sloping trendline resistance zone and facing the resistance of the trendline. Moreover, the momentum oscillator RSI (14-period) is showing a reading of ~31.97 level. Further, the prices are trading below the trend-following indicator 50-period SMA, which may act as crucial resistance level. An important support level for the stock, is placed at AUD 0.010 while the key resistance level is placed at AUD 0.014.
Investors can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario.
Considering the stock’s current price levels placed at uncertainty, investing in this stock at the moment should be taken with a calculated approach; hence a ‘Watch’ stance is suggested. The stock was analysed as per the closing price of AUD 0.012 per share as on 04th July 2022.
Weekly Technical Chart – CCZ
Source: REFINITIV
Note 1: The reference data in this report has been partly sourced from REFINITIV.
Note 2: Investment decisions should be made depending on the investors’ appetite for upside potential, risks, holding duration, and previous holdings. Investors can consider exiting from the stock if the Target Price mentioned as per the Valuation has been achieved and is subject to the factors discussed above.
Technical Indicators Defined: -
Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.
Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.
The Green colour line reflects the 21-period moving average. SMA helps to identify existing price trends. If the prices are trading above the 21-period, prices are currently in a bullish trend (Vice – Versa).
The Blue colour line reflects the 50-period moving average. SMA helps to identify existing price trends. If the prices are trading above the 50-period, prices are currently in a bullish trend (Vice – Versa).
The Yellow colour line represents the Trendline.
The Purple colour line in the chart’s lower segment reflects the Relative Strength Index (14-Period), which indicates price momentum and signals momentum in trend. A reading of 70 or above suggests overbought status, while a reading of 30 or below suggests an oversold status.
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