Core Lithium Ltd (ASX: CXO)
Core Lithium Ltd formerly known as Core Exploration Limited, is a lithium exploration company. The company is involved in the exploration of lithium and copper deposits in the Northern territory and South Australia.
Technical Analysis: On the daily chart, CXO prices are facing the resistance of the horizontal trendline, and prices are trading below the trendline resistance level. Moreover, the prices are trading below the trend-following indicator 21-period SMA, which may act as a resistance level. Further, the momentum oscillator RSI (14-period) is showing a reading of ~53.52 level. An important support level for the stock is placed at AUD 1.150 while the key resistance level is placed at AUD 1.580.
Individuals 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 moving in a downtrend, and momentum indicator analysis, a 'Watch' recommendation has been given on the stock. The stock was analysed as per the closing price of AUD 1.350 per share, as on 29th August 2022, down by 2.877%.
Daily Technical Chart – CXO
CXO Daily Technical Chart, Data Source: REFINITIV
Fenix Resources Limited (ASX: FEX)
Fenix Resources Limited is an Australian company involved in exploring, mining, and developing of mineral tenements in Western Australia. The Company operates through two segments: Iron Ridge Project and Trucking Joint Venture.
Technical Analysis: On the daily chart, FEX prices are trading in a rising channel pattern and facing the resistance of the upper band of the pattern. Moreover, the momentum oscillator RSI (14-period) is showing a reading of ~74.658 level and formed a negative divergence, which might indicate the possibility of rebound in the stock. However, the prices are trading above the trend-following indicator 21-period SMA, which may act as a support level. An important support level for the stock is placed at AUD 0.300 while the key resistance level is placed at AUD 0.430.
Individuals 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 moving in an uptrend, and momentum indicator analysis, a 'Watch' recommendation has been given on the stock. The stock was analysed as per the closing price of AUD 0.360 per share, as on 29th August 2022, up by 5.882%.
Daily Technical Chart – FEX
FEX Daily Technical Chart, Data Source: REFINITIV
Kalium Lakes Limited
KLL is an Australian-listed mineral exploration and development company. It was founded in the year 2014 and is headquartered in Balcatta, Western Australia. It focuses on the development of potash projects. As of August 29, 2022, KLL's market capitalization stood at AUD 60.91 mn.
Technical Analysis: On the weekly chart, KLL stock prices are facing resistance at the downward sloping trendline and trading with lower highs and lowers lows sequence, indicating the possibility of a further downside correction. Moreover, the momentum oscillator RSI (14-period) is below the mid-point and showing a reading of ~35.364 level. Further, the prices are trading below the trend-following indicator 21-period SMA and 50-period SMA, which may act as a resistance level. An important support level for the stock is placed at AUD 0.039 while the key resistance level is placed at AUD 0.049.
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 broke a rising trend line by downside, momentum oscillator analysis, therefore a ‘Watch’ recommendation is given on the stock. The stock was analysed as per the closing price of AUD 0.044 per share, as on 29th August 2022, down by ~4.347%.
Weekly Technical Chart – KLL
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: Investment decision should be made depending on an individual’s appetite for upside potential, risks, and any previous holdings. This recommendation is purely based on technical analysis, and fundamental analysis has not been considered in this report.
Note 3: Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Technical Indicators Defined: -
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of 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 Orange/ 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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