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ChartWatch Daily ASX Scans: Insights on Uptrends and Downtrends
Today’s edition of ChartWatch presents an exciting array of both uptrends and downtrends on the ASX. Notably, several gold stocks have re-entered the Uptrends List, alongside steady trends seen with companies such as Catapult Group International (CAT), Technology One (TNE), and Telstra Group (TLS).
Understanding Market Trends
In my experience, having a balanced mix of stocks in both continuation and turnaround setups is essential as they perform variably under diverse market conditions. Noteworthy turnaround candidates at the moment include Autosports Group (ASG), newcomers Metcash (MTS) and MyState (MYS), and Warratah Minerals (WTM).
For downtrends, we observe recurrent stocks like Coronado Global Resources (CRN), Domino’s Pizza Enterprises (DMP), IDP Education (IEL), Lifestyle Communities Group (LIC), and Pilbara Minerals (PLS).
If I had to choose, I would certainly prefer the wealth of opportunities from today’s trends rather than having nothing to examine!
Welcome to my ChartWatch Daily ASX Scans series where I provide insights based on my technical analysis strategy. This intent is to help you identify the most favourable uptrends and downtrends available.
Exploring Trend Lists
For investors, some prefer to invest in stocks displaying strong uptrends, while others might consider short selling those in downtrends. The application of these lists ultimately depends on your investment strategy.
It’s important to note that many stocks may reappear on these lists multiple times. As long as they fulfil my criteria for uptrends or downtrends, they will find their way back on. However, there won’t be notifications for when a stock drops off, so independent research is vital to monitor any changes in trends.
Uptrends Scan List
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Autosports Group | ASG | $2.20 | +27.2% | -8.0% |
| Antipa Minerals | AZY | $0.635 | +18.7% | +429.2% |
| Bank of Queensland | BOQ | $7.72 | +7.5% | +29.1% |
| Catapult Group International | CAT | $4.89 | +32.2% | +233.8% |
| Challenger | CGF | $7.55 | +11.0% | +18.0% |
| … (and other companies) | … | … | … | … |
Highlighting Prominent Stocks
The stocks demonstrating the strongest demand today from the Uptrends List include Autosports Group (ASG), Antipa Minerals (AZY), Catapult Group International (CAT), and more.
Downtrends Scan List
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| AGL Energy | AGL | $10.31 | +0.1% | +0.1% |
| Coronado Global Resources | CRN | $0.145 | -38.3% | -87.1% |
| Domino’s Pizza Enterprises | DMP | $24.31 | -5.4% | -34.8% |
| IDP Education | IEL | $8.40 | -1.1% | -47.7% |
| … (and other companies) | … | … | … | … |
Key Downtrends to Watch
Stocks under significant supply pressure today include Coronado Global Resources (CRN), Clinuvel Pharmaceuticals (CUV), and Domino’s Pizza (DMP).
Important Considerations
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Market Volatility: Stock trends can change due to unforeseen market activities. Thus, an uptrend or downtrend today may not hold by the end of trading.
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Curated Lists: These lists are not exhaustive and won’t necessarily feature the same stocks daily. Stocks might get re-evaluated regularly based on trends.
- Not Investment Advice: The purpose of this analysis is educational, aiding in your understanding of technical analysis. It’s essential to do your own research to make informed decisions.
In conclusion, today’s trend analysis from ChartWatch provides insights into promising stocks at an essential juncture for potential investment. Have a look at the charts and ensure your registered strategies are aligned with the market’s ongoing shifts. Always remember, your proactive research is paramount!
