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Daily ASX Scans: Balancing Your Portfolio with Uptrends and Downtrends
Today’s trading environment presents a promising mix of potential long and short positions, creating an excellent opportunity for trend followers to craft a balanced portfolio. The benchmark ASX 200 has recorded positive signals in both short- and long-term trends, suggesting a shift towards favouring long positions. While the precise allocation is ultimately your decision, it’s advisable to maintain a modest number of short positions—perhaps two to three out of every ten trades—to mitigate downside risk.
In this edition of the ChartWatch Daily ASX Scans, I aim to provide insights based on my trend-following technical analysis. The objective is to highlight the strongest uptrends and downtrends on the ASX, enhancing your trading strategies.
Uptrends Scan List
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| AMA Group | AMA | $0.082 | +30.2% | +69.8% |
| Ausgold | AUC | $0.665 | +27.9% | +146.3% |
| Aurum Resources | AUE | $0.485 | +54.0% | +67.2% |
| Barton Gold | BGD | $0.655 | +63.8% | +111.3% |
| Bluescope Steel | BSL | $23.80 | +11.3% | +7.8% |
| Brambles | BXB | $21.50 | +2.6% | +50.1% |
| Cuscal Group | CCL | $2.71 | +9.3% | 0% |
| Computershare | CPU | $41.10 | +10.4% | +53.5% |
| Duxton Water | D2O | $1.570 | +6.8% | +10.6% |
| Develop Global | DVP | $3.66 | +58.4% | +55.1% |
| Elsight | ELS | $0.545 | +34.6% | +39.7% |
| Energy One | EOL | $13.63 | +21.7% | +234.9% |
| Fleetwood | FWD | $2.88 | +14.3% | +87.6% |
| Wesfarmers | WES | $81.25 | +12.9% | +19.6% |
| Waratah Minerals | WTM | $0.380 | +157.6% | +216.7% |
Featured Stocks with Significant Demand
The following companies from today’s uptrend list exhibit notable demand: AMA Group (ASX: AMA), Brambles (ASX: BXB), Computershare (ASX: CPU), and Develop Global (ASX: DVP).
Downtrends Scan List
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Adriatic Metals | ADT | $3.72 | -7.9% | -18.6% |
| Avita Medical | AVH | $2.21 | -21.1% | -18.1% |
| Bellevue Gold | BGL | $0.875 | -24.2% | -55.0% |
| Clinuvel Pharmaceuticals | CUV | $10.80 | -0.6% | -29.0% |
| Jumbo Interactive | JIN | $10.01 | -2.3% | -37.7% |
| Propel Funeral Partners | PFP | $5.01 | -4.2% | -11.3% |
| Skycity Entertainment Group | SKC | $0.930 | -11.4% | -40.8% |
| Sayona Mining | SYA | $0.016 | 0% | -56.8% |
Stocks with Excess Supply
Stocks indicating the strongest supply from this downtrend list include Adriatic Metals (ASX: ADT), Avita Medical (ASX: AVH), and Bellevue Gold (ASX: BGL).
Key Considerations for Using ChartWatch Daily ASX Scans
- Be aware that stock trends can change rapidly; an uptrend today may turn down by the end of trading.
- The curated lists are not comprehensive; some stocks may not repeatedly appear in daily updates.
- This analysis does not serve as a recommendation but rather aims to bolster your understanding of technical trends.
- It’s essential to conduct your own research and due diligence when interpreting the data.
This summary aims to provide clarity around current trends in the Australian stock market, particularly in relation to potential buying or selling opportunities. Whether you’re looking to invest in strong uptrends or hedge against losses in downtrends, understanding the landscape can significantly inform your trading decisions.
