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This report is an updated version of the report published on the 5 March 2024 at 3:31 PM AEDT.
West African Resources Limited (ASX: WAF)
WAF is an Australia-based gold mining company. The company focuses on acquisition, exploration, and development of gold projects in West Africa. Its Mining Operations segment comprises of the Sanbrado Gold Project operations located in Burkina Faso.
Recommendation Rationale – SELL at AUD 1.015
WAF Daily Chart
The stock today crossed the resistance 2 level mentioned above on intraday basis but may not be able to close above this level on a closing basis as it is witnessing selling pressure at this level. Given its current trading levels, recent rally in the share price, and risks associated, it is prudent to book profit at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 1.015, at 12:35 PM AEDT, as of 5 March 2024.
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is neither an indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 5 March 2024. 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 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 any unfavourable movement in the stock prices.
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