AMP Limited (ASX: AMP)

AMP Limited (ASX: AMP) is a wealth management company in Australia. The company operates through four divisions: AMP Bank, Australian wealth management (AWM), New Zealand wealth management and AMP Capital.

Technical Analysis: On a weekly chart, AMP prices witnessed a breakout of the Inverse Head & Shoulders pattern on 31 Oct 2022 and have been moving northwards since then. Moreover, prices are trading above its 21-period SMA that might act as a support while the momentum oscillator RSI (14-period) is currently hovering at ~66.802, signalling strength on the price chart. An important support level for the stock is placed at AUD 1.21, while the key resistance level is placed at AUD 1.58.

Considering the company’s current price levels trading in an upward trend, and price momentum, it is prudent to suggest a ‘Speculative Buy’ rating on this stock. The stock was analysed as per the closing price of AUD 1.365 per share on 21^st December 2022, up ~1.11%.

Markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing. 

Weekly Technical Chart – AMP

Note: AMP Limited (Company) is a client of Kalkine Media Pty Ltd (Kalkine Media), an affiliate of Kalkine. However, under no circumstances have Kalkine or its related entities been, directly or indirectly influenced in making any related insights concerning Company as contained in this report, and no form of compensation is or will be received by Kalkine, Kalkine Media or Kalkine’s other related entities for the publication of this report.

Lake Resources N.L.

Lake Resources N.L. (ASX: LKE) is involved in the exploration and development of lithium brine projects in Argentina. The current market capitalization as of 21^st December 2022 stood at AUD 1.09bn.

Technical Analysis: On the daily chart, LKE prices are facing resistance at the falling trendline, indicating the possibility of further downside movement hereon. Moreover, the momentum oscillator RSI (14-period) is placed in the oversold region and shows a reading of ~25.003. Further, the prices are trading below the trend-following indicators 21- period and 50-period SMA, which may act as resistance zones in the near term. An important support level for the stock is AUD 0.70, while the key resistance level is AUD 0.86.

Considering the company’s current price levels are sustaining below the falling trendline, momentum oscillator analysis, it is prudent to recommend a 'Watch' rating on this stock. The stock was analyzed at the closing price of AUD 0.78 per share on 21^st December 2022, down ~1.26%.

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.

Daily Technical Chart – LKE

Note: Lake Resources N.L.  (Company) is a client of Kalkine Media Pty Ltd (Kalkine Media), an affiliate of Kalkine. However, under no circumstances have Kalkine or its related entities been, directly or indirectly influenced in making any related insights concerning Company as contained in this report, and no form of compensation is or will be received by Kalkine, Kalkine Media or Kalkine’s other related entities for the publication of this report.

Image Resources NL

Image Resources NL (ASX: IMA) is engaged in mining development and exploring. The current market capitalization as of 21^st December 2022 stood at AUD 151.78mn.

Technical Analysis: On the daily chart, IMA prices are facing resistance at the falling trendline, indicating the possibility of further downside movement hereon. The momentum oscillator RSI (14-period) is below the mid-point and shows a reading of ~44.289. Further, the prices are trading below the trend-following indicators 21- period and 50-period SMA, which may act as resistance zones in the near term. An important support level for the stock is AUD 0.125, while the key resistance level is AUD 0.155.

Considering the company’s current price levels are sustaining below the falling trendline, momentum oscillator analysis, it is prudent to recommend a 'Watch' rating on this stock. The stock was analyzed at the closing price of AUD 0.14 per share on 21^st December 2022.

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.

Daily Technical Chart – IMA

Note 1: Past performance is neither an indicator nor a guarantee 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 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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