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Banking Stocks on the Rise: ANZ, NAB, and Westpac Lead Uptrends
In today’s edition of the Uptrends Scan List, banking giants ANZ Group (ANZ), National Australia Bank (NAB), and Westpac Banking Corp. (WBC) have all been highlighted for their current strong performance. ANZ has maintained its place since our monitoring recommenced last Monday, and it is now accompanied by NAB, WBC, as well as Bank of Queensland (BOQ) and Judo Capital (JDO). This marks a notable reunion of these leading financial institutions on the Uptrends list after a lengthy interval.
Historically, these banks had been stalwarts on the scanning list until experiencing a downturn around February this year. Commonwealth Bank of Australia (CBA) remained on the list longer, achieving a record 63 feature uptrends over the past year before its last appearance on June 25.
The pressing question is the status of CBA’s technical chart; it is currently not present in the Uptrends list. The market speculates whether CBA is poised for a bullish rebound and, if so, how imminent this return might be.
Current Technical Analysis of CBA
Currently, CBA’s short-term price patterns and charts do not reflect the same positive indicators as ANZ or JDO. Although there has been an improvement in its trend over the past fortnight, the anticipated light-green indicators have yet to materialise. However, CBA’s long-term uptrend remains robust, showcasing a resilience that could set the stage for a potential comeback.
The recent price patterns indicate rising peaks and troughs, combined with a strong demand side in the recent weeks, suggesting that a further uptrend could soon begin. A return of all major banks to the Uptrends list would be a boon for investors and likely bolster the ASX 200 index.
Uptrends Scan List
Here are some of the companies exhibiting strong upward trends recently:
| Company | Code | Last Price | 1-Month % | 1-Year % |
|---|---|---|---|---|
| African Gold | A1G | $0.255 | +8.5% | +920.0% |
| ANZ Group | ANZ | $31.93 | +6.2% | +15.5% |
| National Australia Bank | NAB | $39.19 | -1.2% | +11.0% |
| Westpac Banking Corp | WBC | $34.63 | +3.2% | +24.3% |
| Judo Capital | JDO | $1.690 | +8.0% | +27.1% |
| Bank of Queensland | BOQ | $7.85 | -0.1% | +29.3% |
| And many more… |
Selected Stocks Showing Strong Demand
The current stocks demonstrating the strongest excess demand include:
- African Gold (ASX: A1G)
- BetaShares Australia 200 ETF (ASX: A200)
- Eagers Automotive (ASX: APE)
- Electro Optic Systems (ASX: EOS)
- Patriot Battery Metals (ASX: PMT)
Downtrends Scan List
On the flip side, some stocks are showcasing significant downtrends:
| Company | Code | Last Price | 1-Month % | 1-Year % |
|---|---|---|---|---|
| Audinate Group | AD8 | $5.82 | -11.0% | -33.5% |
| Telix Pharmaceuticals | TLX | $16.68 | -28.9% | -4.6% |
| GQG Partners | GQG | $1.760 | -18.9% | -31.8% |
| Australian Clinical Labs | ACL | $2.73 | -2.2% | +12.3% |
Conclusion
The banking sector is showing signs of recovery with ANZ, NAB, and WBC’s positive trends, indicating a broader economic resilience. On the contrary, several stocks in the downtrends category are struggling, suggesting caution for investors. As the market evolves, continuous monitoring will be essential for investors to navigate potential opportunities and downturns effectively. Always remember to conduct personal research before making investment decisions based on these scans.
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