Northern Star Resources Limited

Northern Star Resources Limited (ASX: NST) is a gold mining company principally engaged in exploration, development, mining and processing of gold deposits and sale of refined gold. The current market capitalization as of 20 February 2023 stood at AUD 13.09 billion.

Technical Analysis:

On the weekly chart, NST's prices are sustaining below an upward sloping trendline breakout level for the past couple of weeks, indicating the possibility of a further downside correction in the stock prices. Moreover, the momentum oscillator RSI (14-period) is moving southward and is currently showing a reading of ~56.148. However, 21-period and 50-period SMAs are below the prices and may act as the dynamic support zones for the stock. An important support level for the stock is placed at AUD 10.00, while the key resistance level is AUD 12.70.

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 trading below the trendline, and momentum oscillator direction analysis, it is prudent to recommend a 'Watch' rating on this stock. The stock was analyzed at the closing price of AUD 11.220 per share on 20 February 2023, down 1.492%.

Weekly Technical Chart – NST

Pure Hydrogen Corporation Limited

Pure Hydrogen Corporation Limited (ASX: PH2) is engaged in the gas and hydrogen business. The current market capitalization as of 20 February 2023 stood at AUD 65.70 million.

Technical Analysis:

On the weekly chart, PH2's prices are sustaining below an upward sloping trendline breakout level for the past couple of weeks, indicating the possibility of a further downside movement in the stock prices. Moreover, the momentum oscillator RSI (14-period) is moving near the oversold zone with a reading of ~37.718. The 21-period and 50-period SMAs are above the prices, which further supports the negative bias. An important support level for the stock is placed at AUD 0.160, while the key resistance level is AUD 0.205.

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 trading below the trendline, and momentum oscillator analysis, it is prudent to recommend a 'Watch' rating on this stock. The stock was analyzed at the closing price of AUD 0.180 per share on 20 February 2023, down by 2.702%.

Weekly Technical Chart – PH2

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.

Disclaimer

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