New Hope Corporation Limited (ASX: NHC)
New Hope Corporation Limited (ASX: NHC) is a diversified energy company. The company focuses on the exploration, development, processing and marketing of coal, oil, and gas.
Technical Analysis: On the daily chart, NHC prices are trading below the rising trendline and facing the resistance of the same. Moreover, the momentum oscillator RSI (14-period) is showing a reading of ~63.37 level and formed the negative divergence. However, the prices are trading above the trend-following indicators 21- period SMA, which may act as support zone. An important support level for the stock is placed at AUD 5.20 while the key resistance level is placed at AUD 7.20.
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 getting resistance of an upward sloping trend line, momentum oscillator analysis, it is prudent to recommend a ‘Watch’ stance on this stock. The stock was analysed as per the closing price of AUD 6.30 per share on 03rd October 2022, up by 0.158%.
Daily Technical Chart – NHC
Queensland Pacific Metals Limited (ASX: QPM)
Queensland Pacific Metals Limited (ASX: QPM) is a battery metal exploration stock. It focused on developing the Townsville Energy Chemicals Hub (TECH) project, located in Townsville, Northern Australia. The plant produces nickel-cobalt mixed hydroxide precipitate (MHP), aluminium hydroxide, high purity haematite, and magnesium oxide.
Technical Analysis: On the weekly chart, QPM prices are trading below the falling trendline and facing the resistance of the same. Moreover, the momentum oscillator RSI (14-period) is showing a reading of ~44.23 level. Further, the prices are trading below the trend-following indicators 21- period SMA, which may act as resistance zone. An important support level for the stock is placed at AUD 0.100 while the key resistance level is placed at AUD 0.156.
Investors 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 the rising trend line, momentum oscillator analysis, a ‘Watch’ recommendation is given on the stock. The stock was analysed as per the closing price of AUD 0.130 per share, as on 03rd October 2022, up ~4.000%
Weekly Technical Chart – QPM
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 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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