This report is an updated version of the report published on the 18 July 2022 at 3:55 PM GMT

Althea Group Holdings Limited (ASX: AGH)

Althea Group Holdings Limited is engaged in manufacturing, selling, and distributing cannabis-based medicines and recreational cannabis products.

Technical Analysis: On the daily chart, AGH stock price witnessed a breakout of the falling wedge pattern at AUD 0.14, and prices are sustaining above the resistance level. Moreover, the prices are trading above the trend-following indicator 21- period & 50-period SMA, which may act as crucial support level. However, the momentum oscillator RSI (14-period) is showing a reading of ~82.10 level. An important support level for the stock, is placed at AUD 0.14 while the key resistance level is placed at AUD 0.20.

Considering the company’s current price levels with a upside breakout, momentum indicator analysis, it is prudent to give a ‘Speculative Buy’ recommendation on the stock. The stock was analysed as per the current market price of AUD 0.160, 12:00 PM (GMT +10), Sydney, Eastern Australia, as on 18^th July 2022.

Daily Technical Chart –AGH

Note 1: 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 2: 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 downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, 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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