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ASX Market Update: Strong Demand Trends Amid Global Uncertainty
Despite recent fluctuations in the US markets, Australian investors encountered several robust uptrends on the ASX today. Notably, many stocks featured strong demand-side candles—characterised by white bodies or downward-pointing shadows. Such candles suggest that investors were keen on purchasing stocks that dipped, reflecting a lack of fear and a readiness to take on risk. This trend is indicative of demand-side control, traditionally associated with rising stock prices.
Demand-Side Control and Market Resilience
The continued dominance of uptrends is encouraging for Australian investors. In today’s analysis, only ten stocks featured in the Downtrends Scan List, while a staggering 53 appeared in the Uptrends Scan List. This discrepancy suggests a broader market enthusiasm and a general appetite for risk-taking among market participants.
ChartWatch Daily ASX Scans Overview
Welcome to the ChartWatch Daily ASX Scans series, where I provide insights based on a trend-following technical analysis methodology. These insights aim to highlight notable uptrends and downtrends within the ASX.
Investors often prefer to focus on stocks in strong uptrends while steering clear of or short-selling stocks in downtrends. Regardless of your strategy, the following lists of notable stocks can aid your trading decisions.
It’s essential to note that many stocks may appear multiple times if they continue meeting my performance criteria. However, there will be no notifications for those that fall off the list, so independent research into trend changes is crucial.
Today’s Uptrends Scan List
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Aussie Broadband | ABB | $4.50 | +16.6% | +42.0% |
| Global X Battery Tech & Lithium ETF | ACDC | $97.50 | +6.8% | +16.4% |
| Amplitude Energy | AEL | $0.260 | +18.2% | +13.0% |
| Aspen Group | APZ | $4.05 | +6.0% | +109.8% |
| Austal | ASB | $6.42 | +9.0% | +148.8% |
| Betmakers Technology Group | BET | $0.155 | +55.0% | +86.7% |
| Cobram Estate Olives | CBO | $2.62 | +21.9% | +57.4% |
| Cash Converters International | CCV | $0.345 | +13.1% | +64.3% |
| Vaneck China New Economy ETF | CNEW | $7.58 | +6.8% | +34.2% |
| Coles Group | COL | $20.89 | -0.1% | +15.4% |
| … (and many more) |
Featured Stocks from Today’s Uptrend List
From the above list, the following stocks exhibit substantial demand:
- Betmakers Technology Group (ASX: BET)
- Cobram Estate Olives (ASX: CBO)
- Coles Group (ASX: COL)
- Catalyst Metals (ASX: CYL)
- Droneshield (ASX: DRO)
- GR Engineering Services (ASX: GNG)
- Iluka Resources (ASX: ILU)
- JB HI-FI (ASX: JBH)
- Locksley Resources (ASX: LKY)
- Lynas Rare Earths (ASX: LYC)
- Newmont Corporation (ASX: NEM)
- Neuren Pharmaceuticals (ASX: NEU)
- Pantoro (ASX: PNR)
- Peter Warren Automotive (ASX: PWR)
- Siteminder (ASX: SDR)
- Ricegrowers (ASX: SGLLV)
- Trigg Minerals (ASX: TMG)
- Viridis Mining and Minerals (ASX: VMM)
- Zip Co. (ASX: ZIP)
Today’s Downtrends Scan List
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Australian Clinical Labs | ACL | $2.72 | -3.9% | +7.1% |
| Audinate Group | AD8 | $6.08 | -10.6% | -59.1% |
| Accent Group | AX1 | $1.465 | +1.0% | -33.1% |
| Boss Energy | BOE | $1.680 | -58.9% | -54.0% |
| Fletcher Building | FBU | $2.66 | -6.0% | -2.9% |
| … (and more) |
Featured Charts from Today’s Downtrends List
Among the downtrends, stocks showing significant excess supply include:
- Audinate Group (ASX: AD8)
- Accent Group (ASX: AX1)
- Boss Energy (ASX: BOE)
- Fletcher Building (ASX: FBU)
- Gentrack Group (ASX: GTK)
- Reece (ASX: REH)
- The Star Entertainment Group (ASX: SGR)
- Strike Energy (ASX: STX)
Final Thoughts
While the pathways of the ASX are ever-changing, current trends reveal a strong demand narrative amidst global market uncertainties. However, remember that the nature of stock trends can shift substantially, which underscores the necessity for diligent research and analysis.
This analysis serves as a foundational outline. Always engage in your own thorough research before making investment decisions.
