Galena Mining Limited (ASX: G1A)

Galena Mining Limited is an Australia-based company that is engaged in mining, exploration, and development of Abra Project (lead-silver concentrate).

Technical Analysis: On the weekly chart, G1A prices recently broke a downward sloping trendline by an upside and are sustaining above the breakout level, indicating the possibility of an upside movement hereon. Moreover, the momentum oscillator RSI (14-period) is in positive territory and shows a reading of ~67.192 level. Further, the prices are trading above the trend-following indicators 21- period SMA and 50- period SMA, which may act as support zone. An important support level for the stock is placed at AUD 0.210, while the key resistance level is placed at AUD 0.270.

Considering the company’s current price levels are sustaining above the trendline support zone, momentum oscillator analysis, it is prudent to recommend a 'Speculative Buy' rating on this stock. The stock was analyzed as per the closing price of AUD 0.235 per share on 16^th December 2022.

Weekly Technical Chart – G1A

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

Incannex Healthcare Limited (ASX: IHL)

Listed in 2007, IHL is an Australian clinical-stage pharmaceutical company, involved in medicinal cannabis products and psychedelic medicine therapies. The current market capitalization as of 16^th December 2022 stood at AUD 301.53mn.

Technical Analysis: On the weekly chart, IHL prices are facing resistance at the downward sloping trendline, indicating the possibility of further downside movement hereon. The momentum oscillator RSI (14-period) is below the mid-point shows a reading of ~39.618. 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 0.17, while the key resistance level is AUD 0.21.

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 0.19 per share on 16^th 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.

Weekly Technical Chart –IHL

Latin Resources Limited (ASX: LRS)

Latin Resources Limited is an Australian-based mineral exploration company. The company holds various mineral resource projects in Latin America and Australia. The current market capitalization as of 16^th December 2022 stood at AUD 238.61mn.

Technical Analysis: On the weekly chart, LRS prices are facing resistance at the horizontal trendline, indicating the possibility of further downside movement hereon. The momentum oscillator RSI (14-period) is reversing from higher levels and shows a reading of ~49.302. 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 0.093, while the key resistance level is AUD 0.117.

Considering the company’s current price levels are sustaining below the horizontal 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 0.105 per share on 16^th December 2022, down ~8.695%.

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.

Weekly Technical Chart – LRS

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/ 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.

Disclaimer - This report has been issued by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and prepared by Kalkine and its related bodies corporate authorised to provide general financial product advice. Kalkine.com.au and associated pages are published by Kalkine.

Any advice provided in this report is general advice only and does not take into account your objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Statement or other offer document for the securities or other financial products referred to in Kalkine reports. You should obtain a copy of the relevant Product Disclosure Statement, Information Statement or offer document and consider the statement or document before making any decision about whether to acquire the security or product.

You should also seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice in this report or on the Kalkine website. Not all investments are appropriate for all people.

The information in this report and on the Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of information contained in its reports, newsletters and websites. All information represents our views at the date of publication and may change without notice.

Kalkine does not guarantee the performance of, or returns on, any investment. To the extent permitted by law, Kalkine excludes all liability for any loss or damage arising from the use of this report, the Kalkine website and any information published on the Kalkine website (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine hereby limits its liability, to the extent permitted by law, to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

On the date of publishing this report (referred to on the Kalkine website), employees and/or associates of Kalkine and its related entities do not hold interests in any of the securities or other financial products covered on the Kalkine website unless those persons comply with certain safeguards, procedures, and disclosures.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.