Table of Contents
Market Update: A Balanced Outlook with Short and Long Opportunities
Today’s market scan reveals a near parity between uptrends and downtrends, with both scans showcasing 14 featured charts. This situation presents an ideal scenario for trend followers, offering numerous long and short opportunities. As uncertainty resurfaces in market narratives, the emergence of short opportunities is particularly beneficial.
Focusing on notable names within the Downtrends Scan List, iron ore giants Fortescue Metals Group (FMG) and Rio Tinto (RIO) stand out as prime candidates for adding short exposure, potentially balancing long positions. Other significant contenders include AMP, Accent Group (AX1), Collins Foods (CKF), HMC Capital (HMC), and Kogan.com (KGN), which most Australian investors may hold as long-term investments.
Conversely, a cluster of investor-favourite stocks is increasingly populating the Uptrends Scan Lists, which includes notable uranium and silver stocks. In prior analysis, I highlighted the technicals surrounding uranium and silver in separate evening reports, underscoring the growing prominence of these commodities in the current market landscape.
Welcome to the ChartWatch Daily ASX Scans
In this ongoing series, I leverage trend-following technical analysis to pinpoint the strongest uptrends and downtrends within the ASX, designed to assist your investment journey. You may wish to employ AI tools to transform the data into manageable lists for use on trading platforms like TradingView, enabling quick navigation through the best-performing stocks.
Many investors prefer buying stocks exhibiting robust uptrends while steering clear of or short selling those caught in downtrends. Ultimately, how you interpret and use these lists remains your prerogative.
Uptrends Scan List Overview
A variety of companies are trending upwards, some demonstrating remarkable one-month and yearly percentage gains:
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Astral Resources | AAR | $0.190 | +22.6% | +150.0% |
| Aura Energy | AEE | $0.170 | +47.8% | +30.8% |
| Boss Energy | BOE | $4.66 | +30.2% | +12.6% |
| Chalice Mining | CHN | $1.545 | +43.1% | +15.3% |
| Nyrada | NYR | $0.260 | +147.6% | +319.4% |
| Silver Mines | SVL | $0.135 | +51.7% | -20.6% |
In summary, stocks such as Boss Energy, EDU, Elevate Uranium, and others listed above are exhibiting strong upward demand.
Downtrends Scan List Overview
On the flip side, several companies are experiencing noticeable downtrends, marked by declines:
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Australian Clinical Labs | ACL | $2.73 | -11.9% | +11.0% |
| Accent Group | AX1 | $1.300 | -33.0% | -33.7% |
| Collins Foods | CKF | $7.32 | -11.7% | -20.3% |
| Fortescue | FMG | $15.03 | -7.1% | -35.2% |
| Rio Tinto | RIO | $106.00 | -11.3% | -11.8% |
The stocks highlighted in the downtrends list, including Fortescue and Rio Tinto, indicate strong excess supply.
Key Insights and Considerations
- Market Volatility: The current state of uptrends and downtrends is subject to rapid change, leaving investors to reassess their strategies regularly.
- Not a Recommendation Service: The provided lists serve as a reference based on technical analysis rather than explicit trading instructions.
- Individual Research Required: Investors should conduct their own due diligence, particularly when trends alter.
In conclusion, the ASX presents both challenges and opportunities, offering a mix of potential long and short positions. Stay vigilant and informed, and leverage these insights as part of your broader investment strategy.
