Table of Contents
Daily ASX Scans Overview: ChartWatch Insights
In today’s edition of ChartWatch, we explore a variety of notable stock setups across different sectors. For traders, a "setup" signifies a combination of specific technical or fundamental elements signalling a potential entry point for a trade. My daily curated lists feature two primary setups:
- Continuation Setup: Stocks expected to continue their existing trends.
- Turnaround Setup: Stocks showing potential for a significant price reversal.
Key Highlights from the Current Listings
Continuation Setups are showcased by stocks displaying solid uptrends and downtrends. Notable mentions include:
Uptrends:
- ARMR (BetaShares Global Defence ETF)
- CHC (Charter Hall Group)
- FCL (Fineos Corporation)
- REG (Regis Healthcare)
- TLS (Telstra Group)
Downtrends:
- CTT (Cettire)
- CRN (Coronado Global Resources)
- LTR (Liontown Resources)
Turnaround Setups consist of stocks that have demonstrated recent gains and project a potential recovery:
Uptrends:
- BOE (Boss Energy)
- CWP (Cedar Woods Properties)
- ING (Inghams Group)
Downtrends:
- AMC (Amcor)
Maintaining a diverse portfolio with a balance of long and short positions is crucial based on prevailing market conditions.
Today’s Uptrends and Downtrends
Uptrends Scan List
| Company | Code | Last Price | 1 Month % | 1 Year % |
|---|---|---|---|---|
| African Gold | A1G | $0.135 | +12.5% | +352.6% |
| The A2 Milk Company | A2M | $8.41 | +5.4% | +41.8% |
| Australian Finance Group | AFG | $1.850 | +12.5% | +22.5% |
| Aristocrat Leisure | ALL | $66.81 | +2.9% | +68.1% |
| Eagers Automotive | APE | $18.79 | +21.7% | +47.8% |
| Others | … | … | … | … |
This list features dominant players with significant price movements and offers great prospects for investors.
Downtrends Scan List
| Company | Code | Last Price | 1 Month % | 1 Year % |
|---|---|---|---|---|
| 29METALS | 29M | $0.115 | -34.3% | -70.6% |
| Alcoa Corporation | AAI | $38.33 | -24.3% | 0% |
| Amcor | AMC | $14.04 | -9.3% | +1.7% |
| Appen | APX | $0.790 | -26.5% | +19.7% |
| Coronado Global Resources | CRN | $0.175 | -49.3% | -85.6% |
| Others | … | … | … | … |
These stocks are showing considerable downward trends, signalling opportunities for investors who adopt short selling or other risk management strategies.
Featured Charts
The strongest indicators from the Uptrends List include Eagers Automotive (ASX: APE) and BetaShares Global Defence ETF (ASX: ARMR). Conversely, the Downtrends list highlights critical stocks like Amcor (ASX: AMC) and Coronado Global Resources (ASX: CRN) as potential candidates for cautious approach.
Important Considerations
Using ChartWatch scans effectively requires an understanding that stock trends can evolve rapidly. Here are a few crucial points:
- Volatility: The market is unpredictable; trends can change at any time.
- Curated Lists: These are not exhaustive; stocks might not appear daily but could return based on performance criteria.
- Research Necessity: Individual investors are encouraged to conduct thorough research before making decisions based on these lists.
For a comprehensive understanding of my technical analysis methods, refer to the ChartWatch Primer, which provides insights into making informed trading decisions.
Conclusion
This edition highlights a diverse range of stocks across ASX with potential upside and downside. Utilising this information can aid traders in strategising their next moves effectively. Always remember to perform personal analyses and stay updated on market movements.
