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Small-Cap

Technical Analysis on One ASX-Listed Stock – TG6

May 02, 2024 | Team Kalkine
Technical Analysis on One ASX-Listed Stock – TG6

TG6:ASX
Investment Type
Small-Cap
Risk Level
Action
Rec. Price (AU$)

Company Overview: TG Metals Ltd (ASX: TG6): is an Australia-based mineral resource exploration company. The Company is focused on exploration of Nickel, Lithium, and Gold at its wholly-owned Lake Johnston Project in the Lake Johnston Greenstone Belt of Western Australia (WA). The Lake Johnston Project is located between two prolific WA greenstone belts. Covering approximately 333 square kilometres, the tenement package is proximal to past-producing nickel mines and recent lithium discoveries. This Report covers the Price Action, Technical Indicators Analysis along with the Support Levels, Resistance Levels, and Recommendations on these stocks.

TG6’s Technical Analysis:

On the daily chart, TG6's stock price witnessed a correction from recent top levels and entered a consolidation phase. The Current Market Price has taken multiple support from the lower trendline level, signalling a positive trend. Additionally, the RSI (14-period) is at 57.25, heading north from the lower levels, providing further support for the mentioned recommendation. Additionally, the current market price (CMP) is trading above both the trending indicators, the 21-period SMAs and the 50-period SMAs, which are likely to act as support levels. Critical support for the stock is positioned at AUD 0.203, while significant resistance is placed at AUD 0.287.

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