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ChartWatch Daily ASX Scans: Current Trends in the Market
In today’s financial landscape, there’s a wealth of blue chip stocks available. While I don’t assess the intrinsic quality of these businesses, my forte lies in analysing charts and identifying trends.
Understanding trends offers insight into market behaviour, where demand and supply interplay determines a stock’s price movements. When analysts identify a robust business, increased demand arises as investment firms bid for shares. Conversely, holders of quality stocks often withhold their shares to create demand scarcity, ultimately driving prices higher—a concept encapsulated in the equation: Demand (D) > Supply (S) leads to Price (P) increase.
In essence, I utilise charts to pinpoint the most promising trends while taking a distinctive approach to discerning quality investments.
Uptrend Scan List
Here’s a look at some stocks currently exhibiting strong upward momentum on the ASX:
| Company | Code | Last Price | 1 Month % | 1 Year % |
|---|---|---|---|---|
| Australian Finance Group | AFG | $1.940 | +21.6% | +34.7% |
| AMA Group | AMA | $0.082 | +28.1% | +91.0% |
| BetaShares S&P/ASX Australian Technology ETF | ATEC | $30.25 | +15.5% | +27.4% |
| Bank of Queensland | BOQ | $7.64 | +17.5% | +29.1% |
| Chrysos Corporation | C79 | $5.00 | +33.0% | -9.9% |
| Commonwealth Bank of Australia | CBA | $169.74 | +9.7% | +42.5% |
| & More (the list continues) |
Featured Uptrend Stocks 🔎📈
Noteworthy stocks from today’s uptrend list include:
- Commonwealth Bank of Australia (CBA)
- Macquarie Group (MQG)
- Elsight (ELS)
- Fisher & Paykel Healthcare Corporation (FPH)
Each of these companies showcases significant excess demand, indicating a strong market presence.
Downtrend Scan List
Conversely, here are stocks that are currently in a downtrend:
| Company | Code | Last Price | 1 Month % | 1 Year % |
|---|---|---|---|---|
| Avita Medical | AVH | $2.11 | -23.6% | -17.3% |
| Aurizon | AZJ | $2.97 | -2.3% | -21.4% |
| Bellevue Gold | BGL | $0.830 | -25.6% | -54.1% |
| Chalice Mining | CHN | $1.025 | +7.3% | -24.9% |
| Coronado Global Resources | CRN | $0.190 | -17.4% | -83.3% |
| & More (the list continues) |
Featured Downtrend Stocks 🔎📉
Stocks signalling substantial supply surplus include:
- Avita Medical (AVH)
- Bellevue Gold (BGL)
- Ioneer (INR)
These companies reveal a significant downward pressure, suggesting investors may wish to reevaluate their positions.
Insights and Considerations
When using ChartWatch’s Daily ASX Scans, keep the following in mind:
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Market Volatility: Stock trends may fluctuate rapidly; today’s uptrend can become tomorrow’s downtrend.
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Curated Lists: These listings are curated and may not reflect every stock available; some may not be present in consecutive scans.
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Not a Recommendation Service: The scans are not investment advice but rather tools to aid in understanding market trends based on technical analysis.
- Research is Critical: Always conduct your own research when considering investment options.
In summary, leveraging technical analysis can provide a strategic edge in navigating the ASX and making informed investment decisions. Whether you prefer investing in robust uptrends or cautiously avoiding downtrends, maintaining updated insights is pivotal in achieving success in this dynamic market.
