JB Hi-Fi Limited (ASX: JBH)

JB Hi-Fi Limited is an Australia-based company engaged in retailing home consumer products. The company operates via three segments: JB Hi-Fi New Zealand (JB NZ), The Good Guys (TGG), and JB Hi-Fi Australia (JB Aust). The current market capitalization as of 24 February 2023 stood at AUD 4.69 billion.

Technical Analysis: On the daily chart, JBH’s stock prices recently broke the rising trendline on the downside, indicating the possibility of a downward move hereon. Moreover, RSI (14-period) is trading below the midpoint and showing a reading of ~33.530. The prices are trading below the trend-following indicator 21-period SMA, which may act as a resistance level for the stock. An important support level for the stock is placed at AUD 39.000 while the key resistance level is placed at AUD 48.000.

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 broke the rising trendline, momentum oscillator analysis, therefore a ‘Watch’ recommendation is given on the stock. The stock was analysed as per the closing price of AUD 43.240 per share, as on 24 February 2023, up by 0.722%.

Daily Technical Chart – JBH

Chrysos Corporation Limited (ASX: C79)

Chrysos Corporation Limited (founded by Australia’s national science agency, CSIRO, is a market leader in gold mining analysis technology with the help of Photon Assay. The current market capitalization as of 24 February 2023 stood at AUD 391.15 million.

Technical Analysis: On the daily chart, C79’s stock prices broke the upward sloping trendline on the downside, indicating the possibility of a downward move hereon. Moreover, RSI (14-period) is trading below the midpoint and showing a reading of ~48.858 and supporting a downside movement. The prices are trading below the trend-following indicator 21-period SMA, which may act as a resistance level for the stock. An important support level for the stock is placed at AUD 3.400 while the key resistance level is placed at AUD 4.200.

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 broke the upward sloping trendline, momentum oscillator analysis, therefore a ‘Watch’ recommendation is given on the stock. The stock was analysed as per the closing price of AUD 3.810 per share, as on 24^th February 2023, down by ~3.053%.

Daily Technical Chart – C79

Task Group Holdings Limited (ASX: TSK)

TASK Group Holdings Limited (ASX: TSK) engages in the development and deployment of real-time customer relationship management solutions. The current market capitalization as of 23 February 2023 stood at AUD 117.09 million.

Technical Analysis: On the daily chart, TSK’s stock prices took the resistance of the downward sloping trendline on the upside, indicating the possibility of a downward move hereon. Moreover, RSI (14-period) is trading below the midpoint and showing a reading of ~43.498 and supporting a downside movement. The prices are trading below the trend-following indicator 21-period SMA, which may act as a resistance level for the stock. An important support level for the stock is placed at AUD 0.295 while the key resistance level is placed at AUD 0.370

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 prices facing resistance of downward sloping trendline, momentum oscillator analysis, therefore a ‘Watch’ recommendation is given on the stock. The stock was analysed as per the closing price of AUD 0.330 per share, as on 23 February 2023.

Daily Technical Chart – TSK

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. 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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