Market Trends: A Technical Analyst’s Perspective
Navigating the intricacies of the stock market can feel overwhelming, but as a technical analyst, I focus primarily on price movements and trends, rather than societal themes or macroeconomic factors. Certain stocks occasionally capture my attention, especially when several from a particular sector, like rare earth or critical minerals—such as Iperionx (ASX: IPX), Lynas Rare Earths (ASX: LYC), Meteoric Resources (ASX: MEI), and MTM Critical Metals (ASX: MTM)—emerge in uptrend or downtrend scans.
The essence of my approach is straightforward: I favour stocks boasting rising trends, indicated by charts that move from the bottom left to the top right.
Today’s scans, however, reflect a sluggish market with fewer opportunities for both long and short positions. Nonetheless, a noteworthy set of stocks shows potential.
Daily ASX Scans: Uptrends
Welcome to the latest edition of my ChartWatch Daily ASX Scans. Below, I share the stocks presenting the most promising uptrends based on my technical analysis methods.
Uptrends Scan List
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Life360 | 360 | $33.28 | +43.2% | +117.5% |
| Astral Resources | AAR | $0.195 | +21.9% | +121.6% |
| AMA Group | AMA | $0.105 | +34.6% | +155.2% |
| Aurelia Metals | AMI | $0.345 | +13.1% | +81.6% |
| Austal | ASB | $5.90 | +16.1% | +146.9% |
| Global X Uranium ETF | ATOM | $17.97 | +25.1% | +5.9% |
| Commonwealth Bank of Australia | CBA | $181.34 | +9.3% | +49.5% |
| Charter Hall Group | CHC | $19.24 | +5.7% | +55.8% |
| Iperionx | IPX | $4.78 | +35.4% | +105.2% |
| Lynas Rare Earths | LYC | $9.26 | +15.9% | +37.6% |
| (And more) |
The stocks exhibiting the strongest excess demand today are Astral Resources, AMA Group, Aurelia Metals, and Iperionx, among others. Each stock warrants a closer look, and their accompanying charts illustrate their upward trajectories.
Daily Chart Features
Here are some charts reflecting the trends of selected stocks:
- AMA Group (ASX-AMA)
- Astral Resources (ASX-AAR)
- Aurelia Metals (ASX-AMI)
- Iperionx (ASX-IPX)
(Include respective charts)
Daily ASX Scans: Downtrends
In contrast, my downtrend analysis presents stocks that have been experiencing notable supply pressure.
Downtrends Scan List
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Avita Medical | AVH | $1.830 | -36.5% | -36.2% |
| Domino’s Pizza Enterprises | DMP | $21.63 | -14.5% | -43.9% |
| CSL | CSL | $242.96 | 0.0% | -13.6% |
| Healius | HLS | $0.830 | -29.1% | -14.7% |
| Integral Diagnostics | IDX | $2.34 | -7.5% | -4.1% |
| (And more) |
Stocks like CSL, Domino’s, and Healius display troubling trends and warrant caution for potential investors.
Cautionary Notes on ChartWatch Scans
-
Market volatility is unpredictable. A stock in an uptrend today might find itself in a downward spiral by market close.
-
Lists are not exhaustive. They are curated carefully, and stocks may not appear consistently as trends change.
-
Not a recommendation service. This is educational content to enhance your understanding of technical analysis. It’s critical to research any stocks you consider.
- Investment takes diligence. Always ensure thorough research before making decisions based on the trends presented.
By focussing solely on trends and technical indicators, we can make informed decisions in a rapidly changing market. Happy trading!
