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A Robust Uptrend in the Australian Stock Market
The Australian stock market is experiencing a notable rally, characterised by a significant influx of stocks trending upwards. A stark contrast to previous months, there are now few valid downtrends, indicating that investor sentiment is recovering from the recent market correction in March and April.
Currently, a plethora of stocks are either in an upward trajectory or transitioning towards one, suggesting a potential bull market. Unlike earlier this year, where many stocks were vulnerable to short selling, the market today seems to reflect greater investor confidence, with an apparent appetite for both established and emerging opportunities.
Daily ASX Scans
Welcome to ChartWatch, your daily resource for ASX scans that leverage trend-following technical analysis. My aim is to provide you with insights into the best-performing stocks trending upwards or downwards on the ASX.
For ease of use, you can convert the tables below into lists compatible with popular trading platforms like TradingView, allowing you to navigate from chart to chart efficiently and keep an eye on the strongest trends.
Investors can choose to focus on buying stocks in robust uptrends while avoiding, selling, or shorting those in downtrends. The choice on how to utilise these lists is entirely yours.
Be aware that many stocks may appear repeatedly on these lists. As long as they meet my criteria, they will continue to be featured. However, changes in trends may not trigger alerts, necessitating your own research to track updates.
Today’s Uptrends
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| African Gold | A1G | $0.135 | +53.4% | +352.6% |
| Abacus Group | ABG | $1.235 | +13.3% | +6.5% |
| Atlas Arteria | ALX | $5.22 | +6.5% | -2.8% |
| AMA Group | AMA | $0.079 | +33.9% | +47.2% |
| APA Group | APA | $8.51 | +5.6% | +0.2% |
| Autosports Group | ASG | $2.31 | +24.9% | -10.8% |
| Ausgold | AUC | $0.635 | +17.6% | +135.2% |
| Aurum Resources | AUE | $0.460 | +31.4% | +61.4% |
| Bendigo and Adelaide Bank | BEN | $11.64 | +14.6% | +19.0% |
| Barton Gold | BGD | $0.565 | +56.9% | +82.3% |
Featured Charts from Today’s Uptrends
Among the stocks exhibiting the most significant demand include:
- APA Group (ASX: APA)
- Ausgold (ASX: AUC)
- Aurum Resources (ASX: AUE)
[Chart images omitted for brevity]
Today’s Downtrends
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Champion Iron | CIA | $4.54 | +4.4% | -35.1% |
| Coronado Global Resources | CRN | $0.170 | -37.0% | -85.8% |
| CSL | CSL | $239.92 | -5.3% | -12.9% |
| Cettire | CTT | $0.450 | -28.0% | -84.8% |
| Domino’s Pizza Enterprises | DMP | $24.77 | -1.4% | -35.6% |
| Skycity Entertainment Group | SKC | $0.970 | -15.7% | -37.4% |
Featured Charts from Today’s Downtrends
Stocks that display the most pronounced excess supply include:
- Coronado Global Resources (ASX: CRN)
- Cettire (ASX: CTT)
- Domino’s Pizza Enterprises (ASX: DMP)
[Chart images omitted for brevity]
Understanding ChartWatch Scans
For a comprehensive understanding of the technical analysis methodologies employed, I encourage you to refer to the ChartWatch Primer.
Key Points to Consider:
- Market dynamics are unpredictable; trends can shift rapidly.
- Lists are curated and may not include certain stocks daily; they return when deemed relevant by my analysis.
- This is not a recommendation service; it serves as a resource to facilitate your understanding of market trends.
- Always conduct your own research before making investment decisions.
Conclusion
As the market heats up, trends on the ASX seem to suggest a revival of investor enthusiasm, reflected in the proliferation of stocks in uptrends. However, recent downtrends also warrant attention, ensuring a comprehensive approach to market analysis.
