Company Overview: Cettire Limited (ASX: CTT) is a global online retailer that offers a variety of in-demand personal luxury goods via its website, which provides access to a catalogue of approximately 1,700 luxury labels and 200,000 products of apparel, shoes, purses, and accessories. DevEx Resources Limited (ASX: DEV) is an exploration company focusing on exploring porphyry copper-gold discoveries in the premier Lachlan Fold Belt region of New South Wales. This Report covers the Price Action, Technical Indicators Analysis along with the Support Levels, Resistance Levels, and Recommendations on these two stocks.

CTT’s Fundamental Update:

On 16 May 2023, CTT’s CEO Dean Mintz clarified that the speculation around the potential sale of shares in the Company by Founder and CEO is unfounded, and he does not have any intention to sell shares in the Company at the current time.

Adjacently, the Company posted a trading update for the four-month period ending 30 April 2023 and reported a sales revenue of AU$141.3 million, 122% YoY growth. It also expects adjusted EBITDA of at least AU$7.0 million with a margin of more than 20%. Moreover, further growth in repeat customer revenue and an acceleration in growth in active customers led to revenue growth of 160% YoY in April 2023. CTT’s net cash balance was approximately AU$39 million on 30 April, following the settlement of trade payables from the seasonally larger December quarter.

Next Event: Cettire has scheduled the release of full-year results (for the 12 months ending 30 June 2023) in August 2023.

CTT’s Technical Analysis:

CTT's stock price is on a short-term uptrend indicating supported by an upward trendline. This upside movement has been supported by the RSI (14-period) reading of 64.82, which is moving north from the midpoint. In addition, prices are trading above the trend-following indicators 21-period and 50-period SMAs, which may serve as support levels for the stock. In contrast, the stock's recent peak might function as a level of resistance. Important support for the stock is at AUD 1.690, while important resistance is at AUD 2.250.

Daily Technical Chart – CTT

Considering the company's current price levels supported by a short-term upward trendline and technical indicators analysis, a 'Speculative Buy' recommendation is given on the stock. The stock was analysed as per the closing price of AUD 2.020 per share as on 17 May 2023, up by +13.17%. Cettire Limited (ASX: CTT) was last covered in a report dated '20 February 2023’.

DEV’s Technical Analysis:

DEV's stock price has experienced a short-term rally after breaking above a 1-year length downward trendline in Apr 2023. This rally has been bolstered by the RSI (14-period) reading of 62.60, which is moving north from the midpoint. In addition, prices are trading above both the trend-following indicators 21-period and 50-period SMAs, which may serve as support levels for the stock. In contrast, the stock's recent peak might function as a level of resistance. Important support for the stock is positioned at AUD 0.300, while key resistance is placed at AUD 0.375.

Daily Technical Chart – DEV

Considering the stock's current price levels breaking above a downward slope trendline and technical indicator analysis, a 'Speculative Buy' recommendation is given on the stock. The stock was analysed as per the closing price of AUD 0.330 per share as on 17 May 2023, up by +1.54%. DevEx Resources Limited (ASX: DEV) was last covered in a report dated '12 December 2022'.

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 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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