ChartWatch Daily ASX Scans: Navigating the Trends
The essence of effective stock market analysis lies in understanding trends rather than focusing solely on the fundamentals of individual stocks. As a proponent of trend-following strategies, I prioritise price movements over perceived value, discarding notions of "cheap" or "expensive". This approach guards against emotional trading decisions, ensuring I only act in accordance with the prevailing market trends.
After a month-long hiatus from my ChartWatch ASX Scans due to a vacation, I’ve discovered several stocks that previously featured in the Downtrends Scan List have now transitioned to the Uptrends Scan List. Notable mentions include Iluka Resources (ILU), Mineral Resources (MIN), Woodside Energy (WDS), Peter Warren Automotive (PWR), Elders (ELD), Dicker Data (DDR), and Super Retail Group (SUL). These companies are now signalling trend reversals, embodying promising uptrend scenarios.
I understand shareholders may feel uneasy when their stocks appear on the Downtrends List, but allow me to assure you that there is no bias at play. Stocks are simply identified based on meeting specific analytical criteria. Thus, my evaluations remain firmly impartial.
This daily series serves to highlight stocks showing the most robust uptrends and downtrends within the ASX. If you’re an active trader, consider leveraging AI tools to extract my findings into lists for your preferred trading platform, such as TradingView. This feature allows for swift navigation across various stocks to evaluate their respective trend movements.
Uptrends Scan List
| Here are some of the standout stocks demonstrating solid upward performance recently: | Company | Code | Last Price | 1-Mo % | 1-Yr % |
|---|---|---|---|---|---|
| BetaShares Australia 200 ETF | A200 | $146.15 | +2.1% | +8.0% | |
| Aussie Broadband | ABB | $4.61 | +18.8% | +48.7% | |
| Global X Battery Tech & Lithium ETF | ACDC | $99.51 | +9.5% | +18.5% | |
| Australian Finance Group | AFG | $2.29 | +7.0% | +53.2% | |
| Eagers Automotive | APE | $20.08 | +7.9% | +88.9% | |
| Artrya | AYA | $1.14 | +20.0% | +314.5% |
Feature Charts from today’s Uptrends List 🔎📈
The stocks currently indicating strong demand include Aussie Broadband (ABB), Austal (ASB), Cobram Estate Olives (CBO), and Electro Optic Systems (EOS).
Downtrends Scan List
| Conversely, the following stocks have recently exhibited significant downtrends: | Company | Code | Last Price | 1-Mo % | 1-Yr % |
|---|---|---|---|---|---|
| Australian Clinical Labs | ACL | $2.73 | -0.4% | +6.2% | |
| Boss Energy | BOE | $1.685 | -57.8% | -53.8% | |
| The Star Entertainment Group | SGR | $0.082 | -36.9% | -84.8% | |
| Fletcher Building | FBU | $2.67 | -5.7% | -4.9% | |
| Southern Cross Gold | SX2 | $5.41 | -14.8% | 0.0% |
Feature Charts from today’s Downtrends List 🔎📉
Stocks showing signs of significant supply include Boss Energy (BOE), Fletcher Building (FBU), and The Star Entertainment Group (SGR).
Final Thoughts
As you navigate your trading journey, remember to conduct your own research. Trends can shift unpredictably, as one stock could be trending positively today while conversely modifying its trajectory by tomorrow’s market close.
The listings are not exhaustive, tailored based on my analytical approach, and thus, there may be fluctuations within the scan lists. This series is designed as a practical educational resource, rather than a recommendation service, assisting you to grasp evolving market conditions accurately.
Engage with the data, track the trends, and most importantly, maintain an analytical mindset as you steer through the complexities of the ASX. Happy trading!
