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Company Overview: AJ Lucas Group Limited (ASX: AJL) provides drilling services in Australia, providing integrated professional drilling services primarily for exploration and degasification of coal mines, and engaging in the exploration, development, and commercialization of unconventional and conventional hydrocarbon. Emu NL (ASX: EMU) engages in the identification, acquisition, and exploration for mineral properties in Australia, which explores for gold, nickel, copper, iron, silver, lead, zinc, rare earth and platinum group elements, molybdenum, lithium, and uranium deposits. This Report covers the Price Action, Technical Indicators Analysis along with the Support Levels, Resistance Levels, and Recommendations on these stocks.
AJL’s Technical Analysis:
On the daily chart, AJL's stock price is forming a descending triangle pattern, suggesting that the sideways period in the stock might continue to persist in the near future. Additionally, the RSI (14-period) is hovering around the midpoint, providing further support for the mentioned recommendation. Prices are fluctuating between the pattern’s upper and lower boundaries, which may potentially function as dynamic resistance and support levels for the stock, respectively. Important support for the stock is positioned at AUD 0.010, while key resistance is placed at AUD 0.012.
Daily Technical Chart – AJL
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 stock’s current price levels forming a descending triangle pattern, and momentum oscillator analysis, a “Watch” recommendation is given on the stock. The stock was analysed as per the closing price of AUD 0.011 per share as on 24 May 2024, remained unchanged.
Recent Updates:
On 13 May 2024, EMU NL (ASX: EMU), an Australian copper exploration company, provided an update on its exploration activities at the Fiery Creek copper prospect within its Queensland-based Georgetown Project. The company has discovered substantial extensions of high-grade copper veining at Fiery Creek. Present exploration efforts encompass comprehensive soil, rock, and termite sampling across these newly identified extensions.
These activities will be enhanced by an in-field portable X-ray fluorescence (pXRF) program aimed at creating a “heat map” of pathfinder elements to locate exposed mineralised zones effectively. Looking ahead, EMU plans to initiate a geophysics survey in August 2024 to further explore these zones. Concurrently, the company is working through the necessary administrative steps to commence a drilling program at Fiery Creek as soon as possible.
EMU’s Technical Analysis:
On the daily chart, EMU's stock price is establishing a descending triangle pattern, suggesting that the sideways period in the stock might continue to persist in the near future. Moreover, the RSI (14-period) is trading near the midpoint, providing further support for the previous analysis. Prices are trading between the pattern’s upper and lower boundaries, which may potentially function as dynamic resistance and support levels for the stock, respectively. Significant support for the stock is positioned at AUD 0.028, while critical resistance is placed at AUD 0.050.
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 stock’s current price levels establishing a descending triangle pattern, and momentum oscillator analysis, a “Watch” recommendation is given on the stock. The stock was analysed as per the closing price of AUD 0.036 per share as on 24 May 2024, remaned unchanged.
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.
The reference date for all price data, currency, technical indicators, support, and resistance levels is May 24, 2024. The reference data in this report has been partly sourced from REFINITIV.
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/ Yellow 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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