Technical Analysis: 15 April 2021

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Senior Technical Analyst
Date posted:
15 April 2021, 11:00 AM

Siren Gold (SNG) – Bullish breakout

SNG has been trading sideways since listing, fluctuating between $0.34 and $0.86. The current secondary down swing has retraced to its previous support of $0.34, where buying interest has been building up over the past month.

The down trend line has been broken upwards recently showing that the decline is deteriorating and is likely to reverse course.

Wednesday’s price action broke above minor resistance of $0.43 completing a small bottom reversal pattern. This suggests that the correction is most likely over and that higher prices are likely to unfold in the months ahead.

The RSI indicator completed a similar bottom reversal pattern from oversold levels, adding further support to our view that the stock is at a turning point.

The first potential upside price target is $0.55. Over the medium-term, levels to $0.70 appear easily achievable.

Given the proximity to key support and the improvement in the price structure and in the momentum conditions, we see the current price levels as attractive to buy the stock.

Medical Developments (MVP) – Bullish breakout

MVP has been trading sideways over the past two years, fluctuating between $3.76 and $11.78. The recent decline has retraced to its previous support of $5.00 where strong buying interest was met over the past month.

Wednesday’s price action broke above minor resistance of $5.80 confirming a small bottom reversal pattern which suggests that higher price levels are likely to unfold in the weeks ahead.

The RSI indicator broke above its resistance also pointing to a likely rebound from here. The first potential upside price target based on the breakout is $6.50 followed by $7.20 in the coming month(s).

We see the current prices as attractive to buy the stock.

Netwealth Group (NWL) - Buy

The primary up trend from the March 2020 low has lost momentum over the past six months and the price has been trading sideways, which is a correction is time rather than in price.

The correction is clearly lacking momentum with the price action over the past four months posting marginally lower lows.

The current short-term down swing has lost momentum over the past two weeks and the price has been trading sideways building a small base.

Wednesday’s price action breached minor resistance of $14.29 showing that the buyers are stepping in.

The RSI indicator completed a small bottom reversal pattern from oversold territory suggesting that higher prices are likely to unfold in the short-term.

The first potential upside price target is $15.85, however this level could be exceeded.

Nanosonics (NAN) – Lifting our target

In our last update on the 25th of February 2021 we highlighted the proximity of the price to key support and the oversold momentum levels and discussed our high conviction that higher prices are likely to unfold in the near-term.

The stock has rebounded from its support and our first upside price target of $5.97 has now been reached.

An imperfect ascending triangle has formed on the daily chart over the past two months showing that buying interest is building up.

A subsequent break above static and dynamic resistance of $5.37 is likely and would confirm the bullish pattern. G

iven the improvement in the price structure over the past few months, we lift our medium-term upside price target from $6.68 to $7.20.

Any short-term share price weakness would provide another opportunity to buy the stock.

IRESS (IRE) – Ramping up momentum

The decline from the February 2020 high has lost momentum over the past year and the price has been trading sideways, fluctuating between $8.29 and $12.01.

The current short-term up swing broke above minor resistance of $9.71 suggesting that a small bottom is now in place. The first potential upside price target based on the breakout is $10.80.

Over the medium-term, levels to $11.50 are achievable. In the very short-term, the price is likely to experience a mild pull back to unwind its overbought RSI readings, which we see as an opportunity to buy the stock.

Find out more

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 would like access or more information, please contact your adviser or nearest Morgans office. 

Request a call  Find local branch

Need access to our research?

You are also welcome to start a two-week trial of our online platform, which provides access to detailed market analysis and insights, provided by our award-winning research team

Create trial account 

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.


  • Print this page
  • Copy Link