McMillan Shakespeare Limited (ASX: MMS)

McMillan Shakespeare Limited (ASX: MMS) is involved in salary packaging, asset management, vehicle finance, insurance, and warranty. The Company is also a provider of fleet and asset management and consumer and fleet financing.

Technical Analysis: On the daily chart, MMS stock price witnessed a breakout of the falling trendline resistance at AUD 11.05 level on 27 July 2022. Moreover, the momentum oscillator RSI (14-period) is showing a reading of ~69 level, indicating positive momentum. Further, the prices are trading above the trend-following indicator 21-period & 50-period SMA, which may act as crucial support level. An important support level for the stock, is placed at AUD 10.00 while the key resistance level is placed at AUD 13.30.

Considering the company’s current price levels with upside breakout, trend indicator analysis, a ‘Speculative Buy’ recommendation is suggested. The stock was analysed as per the closing price of AUD 11.28 per share on 27^th July 2022, up by ~1.71% from the prior closing.

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.

Daily Technical Chart – MMS

Myer Holdings Limited (ASX: MYR)

Myer Holdings Limited operates approximately almost 59 department stores across Australia, along with online business. It offers core product categories, womenswear, menswear, childrenswear, beauty, homewares, electrical goods, toys and general merchandise.

Technical Analysis: On the daily chart, MYR stock price witnessed a breakout of the horizontal trendline resistance at AUD 0.452 level on 26 July 2022. Since then, prices are continuously sustaining above the trendline breakout level, which is now acting as a support zone. Further, the prices are trading above the trend-following indicator 21-period SMA, which may act as crucial support level. However, the momentum oscillator RSI (14-period) is showing a reading of ~76.90 level. An important support level for the stock, is placed at AUD 0.44 while the key resistance level is placed at AUD 0.59.

Considering the company’s current price levels with upside breakout, trend indicator analysis, a ‘Speculative Buy’ recommendation is suggested. The stock was analysed as per the closing price of AUD 0.495 per share on 27^th July 2022, up by ~2.06% from the prior closing.

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.

Daily Technical Chart – MYR

Mineral Resources Limited (ASX: MIN)

Mineral Resources Limited is an Australia-based mining services company that owns a mining portfolio of multiple commodities, including iron ore and lithium.

Technical Analysis: On a Weekly chart, MIN prices are facing the resistance of the rising trendline on the upside. The momentum oscillator RSI (14-period) is moving below the midpoint and showing a reading of ~46.068. An important support level for the stock is placed at AUD 43.500 while the key resistance level is placed at AUD 55.000.

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 facing resistance at a higher level, and momentum indicator analysis, it is prudent to suggest a ‘Watch’ stance on this stock. The stock was analysed as per the closing price of AUD 48.80 per share on 27^th July 2022, down by 0.853%.

Weekly Technical Chart – MIN

Novonix Limited (ASX: NVX)

Novonix Limited operates in the battery technology space with capabilities in the production of anode materials and cathode technology. The company’s operating segment comprises of Graphite Exploration and Mining, Battery Technology, and Battery Materials.

Technical Analysis: On a weekly chart, NVX’s prices are moving in a downward direction and facing the resistance of the falling trendline. The momentum oscillator RSI (14-period) is moving around the oversold zone and trading at ~34.26. An important support level for the stock is placed at AUD 2.150 while the key resistance level is placed at AUD 2.750.

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 downward direction, and momentum indicator analysis, it is prudent to suggest a ‘Watch’ stance on this stock. The stock was analysed as per the closing price of AUD 2.43 per share on 27^th July 2022, down by 1.619%.

Weekly Technical Chart – NVX

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. 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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