Alkane Resources Limited

Alkane Resources Limited (ASX: ALK) is an Australia-based gold producing company that operates projects primarily located in Central Western New South Wales. As per our previous report on ALK on March 16, 2023, a ‘Speculative Buy’ recommendation was given on the stock at AUD 0.675, and noted below are the details of the recommendation summary provided in the previous report:

Recommendation Summary as on March 16, 2023

ALK’s Daily Chart

Considering the target levels achievement, strong resistance around AUD 0.900 level and associated risks, it is prudent to book profits at the current levels. Hence, a ‘Sell’ rating has been provided on the stock at the close price of AUD 0.895 as of April 12, 2023.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is April 12, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

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: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.