European Lithium Limited
European Lithium Limited (ASX: EUR) is involved in lithium exploration and development. It owns and operates the flagship Wolfsberg Lithium Project.
Technical Analysis:
EUR’s prices recently broke a downward sloping trendline by an upside, indicating the possibility of an upward movement hereon. The leading indicator RSI (14-period) is moving above the midpoint with a reading of 62.49, and the 21-period and 50-period SMAs are below the current market price, further supporting a positive bias.
Core Lithium Limited
Core Lithium Limited (ASX: CXO) is involved in the exploration of copper, gold, iron, silver, uranium, lead, and zinc resources, as well as the development of lithium and different metal deposits in the Northern Territory and South Australia.
Technical Analysis:
CXO’s prices are trading in the lower highs and lower lows formation and facing the resistance of a downward sloping trend line, indicating the possibility of a sideways to downside movement. The leading indicator RSI (14-period) is below the midpoint with a reading of 48.83, and the and 50-period SMA is above the current market price, indicating a negative bias.
Ioneer Ltd
Ioneer Ltd (ASX: INR) is an emerging lithium-boron producer which is set to develop one of the most attractive lithium projects globally.
Technical Analysis:
INR’s prices are trading in the lower highs and lower lows formation and currently consolidating below an upward sloping trendline breakout level, indicating the possibility of sideways to downside movement. The leading indicator RSI (14-period) is below the midpoint with a reading of 43.86, and the 50-period and 21-period SMAs are above the current market price, indicating a negative bias.
Lake Resources N.L.
Lake Resources N.L. (ASX: LKE) is involved in the exploration and development of lithium brine projects in Argentina.
Technical Analysis:
LKE’s prices are trading in the lower highs and lower lows formation and facing the resistance of a downward sloping trend line, indicating the possibility of a sideways to downside movement. The leading indicator RSI (14-period) is below the midpoint with a reading of 41.19, and the 50-period and 21-period SMAs are above the current market price, indicating a negative bias.
Galan Lithium Limited
Galan Lithium Limited (ASX: GLN) is a mining development firm that focuses on lithium brine assets in Argentina's Hombre Muerto Basin. It possesses two lithium brine projects totalling over 25,000 hectares in the vicinity.
Technical Analysis:
GLN’s prices are trading in the lower highs and lower lows formation and facing the resistance of a downward sloping trend line, indicating the possibility of sideways to downside movement. The leading indicator RSI (14-period) is below the midpoint with a reading of 43.18, and the 50-period and 21-period SMAs are above the current market price, indicating a negative bias.
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.
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 red 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 black 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.
Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this report or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.
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.