Technical Analysis: 20 December 2019

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Senior Technical Analyst
Date posted:
20 December 2019, 12:46 PM

Panoramic Resources (PAN) – Ready to bounce

In our last update on October 3, 2019 we discussed that the stock is in the process of building a base and the likelihood of the price rallying in the near term.

IGO’s hostile takeover offer pushed the price to a high of $0.45, greatly exceeding our price target of $0.37.

The price pulled back over the past month with the RSI and the MACD retracing to oversold territory, which points to a likely bounce.

The short term down trend line has been broken upwards on Thursday suggesting that the price is likely to rally in the coming month(s). The potential upside price target is $0.40.

Superloop (SLC) – Building a base

After posting a record high of $3.35 in September 2016 the price has lost momentum and has been trading in a primary down trend since.

The down trend has lost momentum over the past four months and the stock appears to have been in the process of building a medium term base with the price fluctuating between $0.78 and $1.20.

The current short term down swing retraced close to its previous support of $0.78 which appears solid and is likely to hold. We see a good probability of a higher low being in the process of establishing on the daily chart, which is an encouraging sign.

A break above minor resistance of $1.00 will confirm this view and is likely to trigger a rally to $1.10 - $1.15.

Novonix (NVX) – Building a base

After posting a record high of $1.93 in October 2017 the price reversed course and the stock has been trading in a down trend since.

The price retraced to $0.36 which is likely to act as a solid support for the stock. Higher lows have been forming on the daily chart over the past year, showing that the price is in the process of building a base and that buying interest is building up.

The momentum conditions have improved over the past seven months adding further confidence that the stock might be at an inflection point.

We see a good probability of the price rebounding to $0.70 in the coming months.

More information

Morgans clients can login to view all recent technical analysis on companies we cover by browsing the research section and filtering by 'technical analysis' in the Market Updates section. If you are interested in finding out more, please contact your nearest Morgans office.

Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents ("Morgans") do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.

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