Table of Contents
ChartWatch: Daily ASX Scans
In recent updates, there’s been concern about the limited number of stocks appearing on the Uptrends and Downtrends Scan Lists. Typically, I expect a "normal" count of around a dozen stocks for each list. When the broader Australian Securities Exchange (ASX) leans bullish, it’s natural to observe more uptrends compared to downtrends, and vice versa in bearish conditions.
Market Observations
Trend traders must adapt their strategies to capitalise on both upward and downward market movements. My experience indicates that there are always some stocks performing well, even in less favourable conditions. Identifying these stocks is crucial.
Today, I highlight a notable resurgence of blue-chip stocks as market recovery takes shape. Expect to see major players like the Bank of Queensland (BOQ), Commonwealth Bank of Australia (CBA), and Wesfarmers (WES) in the Uptrends Scan List, alongside technology leaders such as Hub24 (HUB) and Xero (XRO). Conversely, Coronado Global Resources (CRN) maintains its concerning trend in the Downtrends Scan List, now accompanied by regulars like Domino’s Pizza Enterprises (DMP) and Lifestyle Communities (LIC).
Uptrends Scan List
Key Highlights:
The following companies have demonstrated significant performance in the past month and year:
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Aristocrat Leisure | ALL | $66.84 | +2.2% | +66.3% |
| Bank of Queensland | BOQ | $7.46 | +10.5% | +22.7% |
| Commonwealth Bank of Australia | CBA | $166.60 | +11.0% | +47.4% |
| Hub24 | HUB | $72.35 | +3.4% | +83.4% |
| Xero | XRO | $164.19 | +3.2% | +36.5% |
| Wesfarmers | WES | $78.32 | +8.6% | +20.8% |
Stocks Showing Strong Demand
The following companies are experiencing notable excess demand:
- Aristocrat Leisure (ASX: ALL)
- Bank of Queensland (ASX: BOQ)
- Commonwealth Bank of Australia (ASX: CBA)
- Hub24 (ASX: HUB)
- Wesfarmers (ASX: WES)
Downtrends Scan List
Key Highlights:
The following companies have been identified as underperforming:
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Coronado Global Resources | CRN | $0.195 | -44.3% | -83.4% |
| Domino’s Pizza Enterprises | DMP | $25.23 | -6.8% | -33.8% |
| Lifestyle Communities | LIC | $7.16 | -13.1% | -38.4% |
| Cettire | CTT | $0.450 | -49.4% | -84.4% |
| The Star Entertainment Group | SGR | $0.105 | -12.5% | -81.4% |
Stocks with Significant Supply
The following companies show signs of elevated supply:
- Coronado Global Resources (ASX: CRN)
- Domino’s Pizza Enterprises (ASX: DMP)
- Lifestyle Communities (ASX: LIC)
- Cettire (ASX: CTT)
Final Thoughts
Utilising these lists effectively depends on your investment strategy. Some traders choose to focus on strong uptrending stocks, while others may opt to sell or short those in downtrends. Remember that many companies may reappear in these lists if they continue to meet my established criteria. Staying alert is essential, as no notifications will occur when trends change, placing the onus on you for thorough research.
For ongoing updates and detailed explanations of my analysis methodology, refer to the ChartWatch Primer. Below, you’ll find feature charts showcasing the key stocks from both the Uptrends and Downtrends lists.
Disclaimer: This analysis serves for informational and educational purposes only. Actual investment decisions should be based on further personal research and consideration of individual financial circumstances.
