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ChartWatch: Daily ASX Scans Overview
The eagerly awaited return of the ChartWatch Daily ASX Scans comes after a refreshing month-long break. Many stocks featured in today’s lists have changed; however, the core objective remains: to spotlight the most compelling uptrends and downtrends within the Australian Securities Exchange (ASX).
Today’s trading conditions may present challenges for Aussie equities, impacted by unfavourable signals from international markets. As a result, stocks previously highlighted as uptrending might experience difficulties maintaining their momentum. Nevertheless, the stocks chosen for this review merit your attention due to their demonstrated performance.
Interestingly, while the ASX has seen numerous stocks hitting record highs lately, the Downtrends List is notably sparse. This limitation, however, is offset by the quality of stocks present, which may serve as suitable candidates for "short cover."
It will be intriguing to observe which stocks can withstand early market weakness and potentially close near their daily highs. Such resilience could indicate continued strong demand, and historically, these stocks are often worth considering if the market’s upward trend resumes.
Welcome to the ChartWatch Daily ASX Scans series, where I present curated lists from my trend-following technical analysis methodology, aimed at highlighting the most significant trends on the ASX. You can easily convert the tables below via AI tools for direct uploads to popular trading platforms like TradingView to streamline your analysis.
Investors typically choose to buy stocks in solid uptrends and either avoid or short stocks that are trending downwards. Ultimately, how you utilise this information is entirely your choice. Many stocks in both lists may recur as they consistently meet my criteria; however, changes in trend will not trigger alerts—advocating for thorough personal research.
Uptrends Scan List
| Company | Code | Last Price | 1mo % Change | 1yr % Change |
|---|---|---|---|---|
| ANZ Group | ANZ | $30.87 | +2.6% | +8.2% |
| Eagers Automotive | APE | $19.97 | +11.8% | +94.8% |
| Autosports Group | ASG | $2.57 | +10.3% | +19.5% |
| Betmakers Technology | BET | $0.145 | +38.1% | +81.3% |
| Catapult Group | CAT | $6.63 | +14.3% | +233.2% |
| … | … | … | … | … |
Highlighted Stocks Exhibiting Strong Demand
Eagers Automotive (ASX: APE), Betmakers Technology Group (ASX: BET), and Cash Converters International (ASX: CCV) are notable mentions due to their vigorous demand from shareholders.
Downtrends Scan List
| Company | Code | Last Price | 1mo % Change | 1yr % Change |
|---|---|---|---|---|
| Australian Clinical Labs | ACL | $2.71 | -3.6% | +10.2% |
| Bellevue Gold | BGL | $0.775 | -16.7% | -60.7% |
| Findi | FND | $3.72 | -9.3% | -14.5% |
| Imugene | IMU | $0.250 | -47.5% | -86.6% |
| Northern Star Resources | NST | $15.30 | -17.6% | +10.2% |
| … | … | … | … | … |
Key Stocks with High Supply
Among the stocks facing the most considerable selling pressure are Bellevue Gold (ASX: BGL) and Imugene (ASX: IMU), both demonstrating notable excess supply.
Important Considerations
- Market Volatility: Stock trends can shift abruptly; an uptrend might not persist until the market close.
- List Nature: These lists are selectively curated and may not include all relevant stocks daily.
- Not Recommendations: This analysis does not serve as investment advice but rather as educational material to understand technical trends.
- Research is Crucial: Always conduct personal research to ensure informed decisions regarding any investments.
With the dynamics of the ASX constantly evolving, staying updated and critical is vital for leveraging trends to your advantage.
