Johns Lyng Group Limited (ASX: JLG)

JLG delivers building and provide restoration services in Australia. The foundation of the core business of the group is built on its ability to rebuild and restore a variety of property and contents post damage by insured events.

Technical Analysis: On a weekly chart, JLG prices broke a downward sloping trend line by upside and the prices are sustaining above the breakout level from past three weeks. Prices are also trading above its 21-period SMA that further support the bullish recommendation. Moreover, the momentum oscillator RSI (14-period) is trading at moderate zone at ~54.370, indicating positive for stock price. An important support level for the stock, is placed at AUD 6.820 while the key resistance level is placed at AUD 8.470.

Considering the company’s current price levels broke a downward sloping trend line by upside, trend indicator analysis, it is prudent to invest in this stock at closing price levels; hence a ‘Speculative Buy’ stance is suggested. The stock was analysed as per the closing price of AUD 7.550 per share on 28^th July 2022, up by 0.94% 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.

Weekly Technical Chart – JLG

Whispir Ltd (ASX: WSP)

WSP offers a software-as-a-service (SaaS) based communications workflow platform to automate interactions between people and businesses.  

Technical Analysis: On the weekly chart, WSP prices broke a downward sloping trend line by an upside and the prices are sustaining above the breakout level from past two weeks that further support the speculative buy recommendation. The momentum oscillator, RSI (14-period) stood up from oversold region and currently trading at ~46.36, further indicates the stock is picking up the momentum. An important support level for the stock, is placed at AUD 1.100 while the key resistance level is placed at AUD 1.365.

Considering the company’s current price levels broke a downward sloping trend line by upside, relative strength index analysis, it is prudent to invest in this stock at closing price levels; hence a ‘Speculative Buy’ stance is suggested. The stock was analysed as per the closing price of AUD 1.240 per share on 28^th July 2022, up by 3.77% 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.

Weekly Technical Chart – WSP

Blue Energy Limited (ASX: BLU)

Blue Energy Limited is an Australia-based exploration company that focused on the exploration, evaluation, and development of conventional and unconventional oil and gas resources.

Technical Analysis: On a Weekly chart, BLU’s prices are facing the resistance of the downward sloping trendline on the upside and trading with a weak bias. The momentum oscillator RSI (14-period) is moving below the midpoint and showing a reading of ~45.965. An important support level for the stock is placed at AUD 0.060 while the key resistance level is placed at AUD 0.078.

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 the resistance of the trendline, and momentum indicator analysis, it is prudent for the individuals to ‘Watch’ this stock. The stock was analysed as per the closing price of AUD 0.068 per share on 28^th July 2022, down by 9.33%.

Weekly Technical Chart – BLU

Galena Mining Limited (ASX: G1A)

Galena Mining Limited was incorporated in 2016, it is involved in the mining, exploration, and development of the Abra Project (lead-silver concentrate).

Technical Analysis: On a weekly chart, G1A’s prices are moving in a bearish trend with the lower highs and lower lows formation. The momentum oscillator RSI (14-period) is trading around the oversold zone with a reading of ~35.007. An important support level for the stock is placed at AUD 0.125 while the key resistance level is placed at AUD 0.170.

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 for the individuals to ‘Watch’ this stock. The stock was analysed as per the closing price of AUD 0.145 per share on 28^th July 2022, up by 7.40%.

Weekly Technical Chart – G1A

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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