Imagion Biosystems Ltd. (ASX: IBX)

Imagion Biosystems Ltd. (ASX: IBX) is engaged in the research and development of medical diagnostics. The current market capitalization as of 16 February 2023 stood at AUD 28.03 million.

Technical Analysis: On a weekly chart, IBX prices broke a downward sloping trend line by an upside and the prices are sustaining above the breakout level from past two weeks. Moreover, the momentum oscillator RSI (14-period) stood up from oversold region and currently hovering at ~44.117, indicating bullish momentum for the stock price. An important support level for the stock, is placed at AUD 0.023 while the key resistance level is placed at AUD 0.030.

Considering the company’s current price levels sustaining above a downward sloping trend line breakout, and momentum oscillator 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 0.026 per share on 16 February 2023, up by 4% from the prior closing.

Weekly Technical Chart – IBX

Matsa Resources Ltd. (ASX: MAT)

Matsa Resources Ltd. (ASX: MAT) is engaged in the exploration of gold and other base metals. The current market capitalization as of 16 February 2023 stood at AUD 15.24 million.

Technical Analysis: On a weekly chart, MAT prices broke a horizontal trend line resistance by an upside and the prices are sustaining above the breakout level from past one day that further indicates the stock might move up further. Prices are also trading above its 21-period SMA that further support the buy recommendation. Moreover, the momentum oscillator RSI (14-period) stood up from oversold region and currently hovering at ~57.326, indicating bullish momentum for the stock price. An important support level for the stock, is placed at AUD 0.042 while the key resistance level is placed at AUD 0.055.

Considering the company’s current price levels sustaining above a horizontal trend line resistance, and momentum oscillator 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 0.047 per share on 16 February 2023, up by 27.027% from the prior closing.

Weekly Technical Chart – MAT

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.

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 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 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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