WBCPI 100.32 0.0% CBA 165.98 2.3557% BHP 40.14 0.0499% RIO 119.0 -0.5931% CSL 256.28 -0.2646% NAB 41.11 1.6819% WBC 34.65 1.1384% ANZ 31.23 0.7094% MQG 235.53 1.7232% SQ2 136.48 -0.6696% WES 77.58 2.0924% NEM 72.14 -2.5003% GMG 36.16 0.0553% FMG 19.32 1.046% RMD 37.55 -0.7139% ALL 74.67 -0.6652% TLS 3.91 -0.5089% WDS 24.91 1.6735% WTC 123.43 0.1217% TCL 13.14 0.1524%
This report is an updated version of the report published on 15 April 2024 at 3:55 PM AEDT.
Company Overview: Champion Iron Limited (ASX: CIA) is an ASX listed iron ore exploration and development entity with major projects in the Southern Labrador Trough, Canda’s largest source of iron ore. Sims Limited (ASX: SGM) is an Australia-based company that provides metal recycling and circular solutions for technology. The principal activities of the Company include buying, processing, and selling of ferrous and non-ferrous recycled metals. Kalkine’s Market Event Report covers the Investment Summary, Event Summary, Data Insights & Analysis, Key Financial Metrics, Risks, Outlook, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.
Investment Summary
Event Highlights
Data Insights and Analysis
Key Drivers versus Key Challenges
Based on the above data, two ASX stocks have been identified to showcase the momentum.
1) Champion Iron Limited (ASX: CIA) (Recommendation: ‘Buy’ at AUD 6.930, Potential Upside: Low Double-Digit) (M-cap: AUD 3.56bn)
The stock has witnessed a correction of ~17.56% in last three months, and over the past one year, it decreased by ~1.15%. The stock has a 52-week low and 52-week high of AUD 5.165 and AUD 8.750, respectively, and is currently trading below the 52-week high-low average. CIA was last covered in a report dated ‘29 November 2023’.
2) Sims Limited (ASX: SGM) (Recommendation: ‘Hold’ at AUD 12.240, Potential Upside: Low Double-Digit) (M-cap: AUD 2.39bn)
The stock has declined by ~6.50% in last 6 months, and over the last one year, it has decreased by ~24.70%. The stock has a 52-week low and 52-week high of AUD 11.600 and AUD 16.810, respectively and is currently trading below the 52-week high-low average. SGM was last covered in a report dated ‘4 March 2024’.
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: The reference date for all price data, currency, technical indicators, support, and resistance levels is 15 April 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual’s appetite for upside potential, risks, holding duration, and any previous holdings. An ‘Exit’ from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
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.
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