Far Limited (ASX: FAR)

FAR Limited is an Australia-based oil and gas exploration and development company with quality assets in West Africa and Australia.

Technical Analysis: On a weekly chart, FAR prices are moving in a small range around the resistance level. The momentum oscillator RSI (14-period) is moving above the midpoint level and trading at ~59.96. An important support level for the stock is placed at AUD 0.7400 while the key resistance level is placed at AUD 0.9200.

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 small range, 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 0.8250 per share on 21^st July 2022, down by 0.602%.

Weekly Technical Chart – FAR

Woodside Energy Group Ltd (ASX: WDS)

Woodside Energy Group Ltd is an Australia-based global energy company based in Australia. The WDS offers crude oil, natural gas, and other petroleum products across the world.

Technical Analysis: On a Weekly chart, WDS prices are facing resistance at higher levels and trading with a weak bias. The momentum oscillator RSI (14-period) is moving above the midpoint level and showing a reading of ~55.29. An important support level for the stock is placed at AUD 27.800 while the key resistance level is placed at AUD 35.000.

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 resistance at a higher level, 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 31.14 per share on 21^st July 2022, down by 4.39%.

Weekly Technical Chart – WDS

Southern Palladium Limited (ASX: SPD)

Southern Palladium Limited is an Australia-based mineral exploration and development company that is engaged in the exploration and development of late platinum group minerals.

Technical Analysis: On a daily chart, SPD’s prices are moving in a downward direction with a negative bias. The momentum oscillator RSI (14-period) is moving below the midpoint and trading at ~44.58. An important support level for the stock is placed at AUD 0.600 while the key resistance level is placed at AUD 0.760.

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 0.6750 per share on 21^st July 2022.

Daily Technical Chart – SPD

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 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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