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Highlights
- GR Engineering offers design, process engineering and construction services to mineral processing and mining companies
- GNG has received letter of intent from K92 Mining Ltd to work at its Kainantu Gold Mine
- The GNG stock has zoomed by 25.35% in the past three months
GR Engineering Services Limited (ASX:GNG) is an engineering and consulting company that offers construction services and engineering design to mineral processing and mining companies. Today, the company shared that it has received a letter of intent from a gold producer - K92 Mining Ltd (TS: KNT), for engineering, procurement and construction work at its Kainantu Gold Mine in Papua New Guinea. The sum of the contract is USD 81 million. Today, GNG shares closed 3.77% up at AUD 2.20 apiece.
On 26 June 2023, the company revealed that its wholly owned subsidiary – Upstream Production Solutions Pty Ltd- received a five-year contract to offer maintenance and operations services for the Moranbah Gas Plant and related assets. The expected revenue from this deal is AUD 30 million per annum.
At the beginning of May, the company received a binding term sheet from Yangibana Pty Ltd, a subsidiary company of Hastings Technology Metals Limited (ASX:HAS). Under the agreement, GNG would offer engineering, procurement and construction services for the Yangibana Rare Earths Project, located in Western Australia.
GNG share price has surged by 25.35% in the last three months and gained 5.26% in the past one week, including today’s gains. Will GNG stock continue its upward trend? Let’s look at the price chart of GNG to get hints about the near-term direction of the stock.
GNG’s Technical Analysis:
On the daily chart, GNG prices are sustaining above the falling trendline breakout level and taking support from the same. Moreover, the momentum oscillator RSI (14-period) is showing a reading of ~56.80 level. Further, the prices are trading above the trend-following indicator 21- period SMA, which may act as support zone. An important support level for the stock is placed at AUD 1.870 while the key resistance level is placed at AUD 2.400.
Daily Technical Chart – GNG
The stock was analysed as per the current market price of AUD 2.130 (as of July 25, 2023, at 11:15 AM GMT+10).
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
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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