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ChartWatch Daily ASX Scans: Exploring Uptrends and Downtrends
In this latest edition of ChartWatch Daily ASX Scans, we are witnessing a remarkable surge in small-cap mining stocks, with over 80 companies featured in the Uptrends Scan List. This plethora of choices raises an interesting question: is it feasible to invest in all of them, or even replicate the successes observed in this dynamic list?
Historically, this exploration could lead to a hypothetical investment strategy where one could hold a stake in every stock from the Uptrends Scan List, alongside small short positions in the Downtrends Scan List for hedging purposes. If an investor sold their positions in stocks that break below short-term uptrends or exhibit lower highs and lows, they would effectively manage their risk akin to a hedge fund.
Typically, the broader market trends can significantly influence the number of stocks in the Uptrends Scan. As conditions improve, more stocks appear on this list; conversely, downturns can drastically decrease these numbers, potentially safeguarding investors.
In this series, my goal is to provide you with trend-following technical analysis, spotlighting the most lucrative uptrends and concerning downtrends available on the ASX. Investors often lean towards purchasing stocks in strong uptrends while steering clear of, selling, or shorting those in downtrends. Ultimately, the strategy you employ with these lists is entirely up to you.
It’s pertinent to note that several stocks that repeatedly appear do so because they continuously meet the set criteria. However, these stocks won’t receive notifications when their trends shift, so diligence in conducting personal research is crucial.
Current Uptrends Scan List
Below is today’s Uptrends Scan List featuring a variety of companies, their respective codes, and recent performance metrics.
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Amaero International | 3DA | $0.500 | +28.2% | +29.9% |
| African Gold | A1G | $0.225 | +21.6% | +800.0% |
| Aussie Broadband | ABB | $4.67 | +17.3% | +57.2% |
| Australian Ethical Investment | AEF | $8.24 | +37.1% | +116.8% |
| Australian Finance Group | AFG | $2.30 | +11.7% | +54.4% |
| Alkane Resources | ALK | $0.830 | +18.6% | +107.5% |
| Aristocrat Leisure | ALL | $71.38 | +5.0% | +43.5% |
| … | … | … | … | … |
(Note: This is a selection to illustrate the Uptrends Scan List. For the complete list, refer to the source.)
Spotlight on Featured Charts
Among the stocks demonstrating significant demand from today’s Uptrends List are:
- Aussie Broadband
- Alkane Resources
- Eagers Automotive
- Benz Mining Corp.
For visual analysis, I’ve selected several daily charts for these stocks, which effectively showcase their strong upward trends.
Current Downtrends Scan List
Conversely, the Downtrends Scan List, which identifies stocks underperforming in the current market, is as follows:
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Austin Engineering | ANG | $0.335 | -6.9% | -45.1% |
| Appen | APX | $0.900 | -20.0% | +17.6% |
| Botanix Pharmaceuticals | BOT | $0.145 | -14.7% | -59.7% |
| GQG Partners | GQG | $2.02 | -8.6% | -22.0% |
Again, this is a selection from the Downtrends List highlighting areas where an investor might consider short-selling or avoiding investments.
Considerations for Users of ChartWatch Scans
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Market Unpredictability: Stock trends can shift rapidly due to unforeseen circumstances, rendering an apparent uptrend or downtrend invalid by day’s end.
-
List Constancy: The lists are curated and can change daily based on individual stock performance, so stocks might appear and disappear across different scans without prior notification.
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Not a Recommendation Tool: This series serves as an educational resource rather than a buy/sell recommendation service; thorough individual research is encouraged.
- General Guidance: Advisory information is general, and you should always conduct your own thorough assessments before making investment decisions.
In summary, today’s scans present a diverse array of opportunities on the Australian Securities Exchange, highlighting both progressing stocks and those in decline. It’s essential to stay updated and conduct appropriate analyses to bolster investment strategies effectively.
