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Celebrating a Milestone: ChartWatch’s One-Year Anniversary
On Friday, ChartWatch ASX Scans celebrated its first birthday, marking a significant milestone for Australia’s premier free technical analysis scan list. Cheers to a year of insightful market trends and invaluable data!
This past year, ChartWatch has meticulously scanned over 2,000 ASX stocks daily, identifying key uptrends and downtrends. Each stock is shortlisted systematically, contributing to the Uptrends and Downtrends Scan Lists. From these, the highest conviction trends, known as Feature Uptrends and Feature Downtrends, are selected.
Top Downtrends of the Year
Reflecting on the previous year, here are the most Featured Downtrends that highlighted dramatic price falls for specific stocks:
| Stock Name | Times Featured | Date 1st Feature | 1st Feature Price | Last Price | Last Chg% | MFE Price | MFE Chg% |
|---|---|---|---|---|---|---|---|
| Coronado Global Resources (CRN) | 62 | 27/05/2024 | 1.115 | 0.115 | -89.7% | 0.110 | -90.1% |
| Ramsay Health Care (RHC) | 44 | 21/06/2024 | 48.53 | 36.20 | -25.4% | 31.66 | -34.8% |
| IGO (IGO) | 43 | 05/06/2024 | 6.82 | 4.26 | -37.5% | 3.09 | -54.7% |
| Domino’s Pizza (DMP) | 41 | 28/05/2024 | 36.52 | 23.75 | -35.0% | 23.62 | -35.3% |
| Cettire (CTT) | 40 | 19/06/2024 | 2.22 | 0.43 | -80.6% | 0.42 | -81.1% |
These statistics reveal an average decline of 48.0% among these stocks, with an even steeper average drop of 57.1% considering their maximum favourable excursions. This underscores the power of trend following over conventional fundamental analysis, debunking notions that some of these stocks were “too cheap”.
Introduction to Daily Scans
ChartWatch ASX Scans employs a technical analysis methodology to provide insights into market trends. The aim is to equip investors with essential information on the best-performing stocks in both uptrends and downtrends.
Uptrends Scan List
Alongside downtrends, there are promising stocks exhibiting strong upward momentum. Here’s a snapshot of today’s prominent uptrends:
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Life360 | 360 | $32.13 | +56.8% | +94.1% |
| Astral Resources | AAR | $0.175 | +6.1% | +124.4% |
| Aml3d | AL3 | $0.170 | +21.4% | +157.6% |
| AMA Group | AMA | $0.089 | +34.8% | +121.2% |
| Aspen Group | APZ | $3.45 | +13.5% | +106.0% |
Highlighted stocks from today’s Uptrends List that demonstrate notable excess demand include Life360, AMA Group, and Aspen Group, to name a few.
Downtrends Scan List
On the contrary, we have stocks exhibiting significant seller pressure. These include:
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| ANZ Group | ANZ | $28.66 | -0.6% | +0.1% |
| Avita Medical | AVH | $1.960 | -35.1% | -21.6% |
| Credit Corp Group | CCP | $13.15 | +5.7% | -6.7% |
| Domino’s Pizza Enterprises | DMP | $23.75 | -6.8% | -35.3% |
| HMC Capital | HMC | $5.06 | +8.4% | -28.0% |
Stocks presenting strong excess supply conditions are observed in Avita Medical, Credit Corp Group, and Cettire.
Important Considerations
While these lists offer a helpful starting point, remember that the stock market is unpredictable. Trends can shift rapidly, and it’s up to each investor to undertake their own research.
ChartWatch serves as a tool to enhance understanding of technical analysis, but it is vital to apply personal judgement when making investment decisions. Always scrutinise market movements, and be prepared for fluctuations.
Looking Ahead
As we look forward to another year, consider integrating these insights into your trading strategies, be it through purchasing high-performing stocks or navigating the downtrends effectively. Happy trading!
