Carnaby Resources Ltd. (ASX: CNB)

Carnaby Resources Limited is an Australia-based mineral exploration and development company mainly dealing into mining provinces of the Pilbara and Yilgarn Margin of WA and the Mount Isa Inlier of Queensland.

Technical Analysis: On a weekly chart, CNB prices are trading at 14 month low levels after the prices made its 52-week high levels i.e. AUD 2.20. Prices are now consistently getting resistance of the downward sloping trend line by downside. Moreover, the momentum oscillator RSI (14-period) trading in a moderate zone at ~55.90, indicating indecision in the stock prices. An important support level for the stock, is placed at AUD 1.115 while the key resistance level is placed at AUD 1.460.

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 facing resistance, it is prudent for the investors to ‘Watch’ this stock. The stock was analysed as per the closing price of AUD 1.27 per share, up by ~3.673%, as on 31^st March 2022.

Weekly Technical Chart – CNB

Source: REFINITIV

Nick Scali Limited (ASX: NCK)

Nick Scali Limited operates as a furniture retailer in Australia and deals into products, such as lounges, dining tables, coffee tables, dining chairs, buffets and cabinets, television units, , bedroom furniture, armchairs, consoles, mattress and base, rugs, mirrors, and pendants and lamps.

Technical Analysis: On the weekly chart, NCK prices are trading in a medium-term downward trend making lower lows and lower highs pattern. Prices are also getting stiff resistance of the downward sloping trend line clearly indicates that the stock is trading in a bearish trend. Prices are trading below its 21-period SMA on a weekly chart that further supporting watch stance in the stock. Moreover, the momentum oscillator RSI (14-period) trading at ~40.09, further indicates that the stock is trading in a weak momentum. An important support level for the stock, is placed at AUD 9.780 while the key resistance level is placed at AUD 12.680.

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.

After considering the company’s current price levels trading at a resistance level and indecisiveness in RSI levels, it is prudent for the investors to ‘Watch’ this stock. The stock was analysed as per the closing price of AUD 11.350 per share, down by ~3.569%, on 31^st March 2022.

Weekly Technical Chart – NCK

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 where-in 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 where the stock prices tend to find resistance when they are rising, and the uptrend may pause due to profit booking or selling interest. 

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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