Technicals | Oct 18 2022
This story features CORE LITHIUM LIMITED. For more info SHARE ANALYSIS: CXO
By Michael Gable
Most market observers couldn't help but find the moves on share markets at the end of last week to be a bit comical.
We had the S&P500 Index rally on a poor CPI number, only to give it all back the next day. We commented last week that it was too early to know if there was a decent enough low in place where we could trade the bounce. Overnight, the US market managed to recover Friday's declines. If it continues to base here for a little longer, then it may lead to some good charting set-ups.
Until then, our advice is to remain patient for the better probability trades. Our analysis today is on Core Lithium ((CXO)).
In late July, CXO broke higher from a consolidation and rallied up to the old high. It tested that a couple of times before failing. In the past few weeks, however, it has found support at the old breakout zone.
Yesterday was a good move on some improved volume. This means that we have a buy signal here as it looks as though CXO is ready to recover. If it can get back towards $1.60, then it is likely to find strong resistance.
Content included in this article is not by association the view of FNArena (see our disclaimer).
Michael Gable is managing Director of Fairmont Equities (www.fairmontequities.com)
Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services.
Michael is RG146 Accredited and holds the following formal qualifications:
• Bachelor of Engineering, Hons. (University of Sydney)
• Bachelor of Commerce (University of Sydney)
• Diploma of Mortgage Lending (Finsia)
• Diploma of Financial Services [Financial Planning] (Finsia)
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2
Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.
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For more info SHARE ANALYSIS: CXO - CORE LITHIUM LIMITED