Looking at the weekly chart of Fenix Resources Ltd (FEX)
Long-Term Trend: The stock has been in an overall uptrend since 2020, evident from the steady upward movement and the upward sloping 200 EMA (Exponential Moving Average). The 50 and 100 EMAs are also trending upwards, confirming the long-term bullish trend.
Recent Performance: There was a significant spike in price leading up to mid-2024, reaching a peak around the 0.44 AUD mark before a sharp correction occurred. The price has retraced to the 0.30 AUD level, suggesting some profit-taking or a reaction to market news.
Support: The stock seems to have strong support around the 0.295 AUD to 0.300 AUD level, which aligns with the previous consolidation zone. This is also around where the 50 EMA is currently positioned.
Resistance: Immediate resistance is likely to be around the 0.360 AUD to 0.370 AUD level, where the stock has previously struggled to maintain upward momentum.
Moving Averages
The 20 EMA has crossed below the 50 EMA, which could be a bearish signal in the short term, suggesting the possibility of further downside. However, the longer-term EMAs (100 and 200) are still sloping upwards, which is a positive sign for the overall trend.The price is currently resting on the 50 EMA, which might act as a short-term support level.
Volume Analysis
There was a noticeable increase in trading volume during the price spike, followed by a decrease as the price corrected. This suggests that the recent rally may have been driven by strong buying interest, but the correction might indicate that the buyers are currently pausing or taking profits.
Profit Target: If the stock rebounds from the current level (around 0.30 AUD), the first profit target could be around 0.360 AUD, aligning with the next resistance level. A more optimistic target could be around 0.400 AUD if the stock regains upward momentum.
Stop Loss: A prudent stop loss would be placed slightly below the recent low, around 0.280 AUD, to protect against a further downside move, as a break below this level might suggest a deeper correction towards the 100 EMA around 0.260 AUD.
Prediction
Given the current chart setup, the stock may continue to consolidate around the 0.30 AUD level before making a more decisive move. If it holds above the 50 EMA and gains bullish momentum, it might attempt to retest the 0.360 AUD resistance. However, if it breaks below 0.295 AUD, the next key support might be the 100 EMA around 0.260 AUD, which would be crucial to watch.
In summary, FEX is currently at a pivotal point. Traders should watch for a bounce from the current level as a potential buying opportunity, but be prepared to exit if the stock breaks below key support levels.
Recent Performance: There was a significant spike in price leading up to mid-2024, reaching a peak around the 0.44 AUD mark before a sharp correction occurred. The price has retraced to the 0.30 AUD level, suggesting some profit-taking or a reaction to market news.
Support: The stock seems to have strong support around the 0.295 AUD to 0.300 AUD level, which aligns with the previous consolidation zone. This is also around where the 50 EMA is currently positioned.
Resistance: Immediate resistance is likely to be around the 0.360 AUD to 0.370 AUD level, where the stock has previously struggled to maintain upward momentum.
Moving Averages
The 20 EMA has crossed below the 50 EMA, which could be a bearish signal in the short term, suggesting the possibility of further downside. However, the longer-term EMAs (100 and 200) are still sloping upwards, which is a positive sign for the overall trend.The price is currently resting on the 50 EMA, which might act as a short-term support level.
Volume Analysis
There was a noticeable increase in trading volume during the price spike, followed by a decrease as the price corrected. This suggests that the recent rally may have been driven by strong buying interest, but the correction might indicate that the buyers are currently pausing or taking profits.
Profit Target: If the stock rebounds from the current level (around 0.30 AUD), the first profit target could be around 0.360 AUD, aligning with the next resistance level. A more optimistic target could be around 0.400 AUD if the stock regains upward momentum.
Stop Loss: A prudent stop loss would be placed slightly below the recent low, around 0.280 AUD, to protect against a further downside move, as a break below this level might suggest a deeper correction towards the 100 EMA around 0.260 AUD.
Prediction
Given the current chart setup, the stock may continue to consolidate around the 0.30 AUD level before making a more decisive move. If it holds above the 50 EMA and gains bullish momentum, it might attempt to retest the 0.360 AUD resistance. However, if it breaks below 0.295 AUD, the next key support might be the 100 EMA around 0.260 AUD, which would be crucial to watch.
In summary, FEX is currently at a pivotal point. Traders should watch for a bounce from the current level as a potential buying opportunity, but be prepared to exit if the stock breaks below key support levels.
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