Two stocks are currently showing a positive trend.

Fri 17 May 24, 09:44 AM | Team Kalkine

Aeris Resources Limited (ASX: AIS) engages in the production, sale, and exploration of copper, zinc, gold, and silver in Australia, whose primary operating assets include the Tritton Copper Operations and Cracow Gold.

On 30 April 2024, AIS unveiled its Q3 FY24 update and ended the quarter with closing cash and receivables of AUD 28.3mn, and with cash of AUD 19.4mn. The Group copper equivalent production stood at 9.1kt in 3QFY24. The copper production at Tritton was impacted by labour and equipment availability. However, contract labour and additional equipment is now in place to lift production in Q4. Subsequently, the copper guidance for FY24 has been maintained at 19kt – 24kt.

Technical View: In March 2024, AIS' stock price broke above a long-term downward slope trendline on the daily chart a, indicating a positive trend. Since then, the stock has been creating higher peaks and higher troughs, indicating that the short-term uptrend remains intact. Additionally, the RSI (14-period) is heading north from the midpoint, providing further support for the previous analysis. Prices are fluctuating between its previous peak and trough, which may potentially function as dynamic resistance and support levels for the stock, respectively. Important support for the stock is positioned at AUD 0.265, while significant resistance is placed at AUD 0.310.

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