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Australian Stock Market Update: Uptrends and Downtrends
The Australian benchmark index has recently achieved a third record high within four trading sessions, indicating a robust market performance. This uptick offers an excellent opportunity to highlight stocks from today’s Uptrends Scan List which boasts over 70 constituents spanning diverse sectors. Such broad market participation often signals a sustainable rally.
However, within any bullish market phase, certain underperforming stocks remain, presenting potential short-selling opportunities. These can be identified among today’s Downtrends Scan List and its feature stocks.
ChartWatch: Daily ASX Scans
Welcome to the ChartWatch Daily ASX Scans, where I apply a trend-following technical analysis methodology to identify the most promising uptrends and downtrends in the ASX. Users can convert the accompanying tables into lists for easy navigation across charts on platforms like TradingView. The application of these lists is up to the individual investor, whether to pursue uptrends or mitigate losses through downtrends.
It’s important to note that many stocks appear repeatedly as they consistently meet my analysis criteria. When stocks drop off these lists, there will be no alerts, hence diligent research is necessary to track changes.
Uptrends Scan List
The table below showcases notable companies currently trending upwards, along with their respective codes, last price points, and percentage changes over one month and one year:
| Company | Code | Last Price | 1 Month % | 1 Year % |
|---|---|---|---|---|
| Astral Resources | AAR | $0.190 | +22.6% | +113.5% |
| Aussie Broadband | ABB | $4.26 | +2.2% | +24.6% |
| Adriatic Metals | ADT | $5.23 | +33.4% | +28.8% |
| Australian Finance Group | AFG | $2.28 | +21.0% | +57.2% |
| Almonty Industries | AII | $3.50 | +33.6% | +483.3% |
| AMA Group | AMA | $0.105 | +40.0% | +166.8% |
| … (additional companies) | … | … | … | … |
Highlighted Uptrends
The stocks showing notable excess demand from today’s Uptrends List include:
- Almonty Industries (ASX: AII)
- Aurelia Metals (ASX: AMI)
- Catapult Group International (ASX: CAT)
- Commonwealth Bank of Australia (ASX: CBA)
- Harvey Norman (ASX: HVN)
Downtrends Scan List
Conversely, the following companies have exhibited weaknesses, reflecting trends that may warrant caution:
| Company | Code | Last Price | 1 Month % | 1 Year % |
|---|---|---|---|---|
| Botanix Pharmaceuticals | BOT | $0.315 | -28.4% | +14.5% |
| Coast Entertainment | CEH | $0.390 | -4.9% | -22.0% |
| Domino’s Pizza Enterprises | DMP | $21.86 | -12.3% | -43.5% |
| G8 Education | GEM | $1.205 | -4.7% | 0% |
| IDP Education | IEL | $3.78 | -59.9% | -76.3% |
| … (additional companies) | … | … | … | … |
Feature Downtrends
The stocks demonstrating notable excess supply include:
- Botanix Pharmaceuticals (ASX: BOT)
- Coast Entertainment (ASX: CEH)
- Nufarm (ASX: NUF)
Important Considerations
Investors should keep in mind the following when utilising the ChartWatch Daily ASX Scans:
- Market Volatility: Trends may change rapidly, and a stock that is currently successful may not maintain its position by the end of the trading day.
- Curated Lists: These lists are selectively created based on my criteria. Stocks may appear or reappear across different days as they meet the conditions set forth in my analysis.
- Not Recommendations: The lists are not recommendations for trading but rather informational, urging investors to understand market dynamics through technical analysis.
- Conduct Your Own Research: Always take the time to do personal research before making investment decisions.
In conclusion, while the uptrend stocks present exciting opportunities, vigilance towards downtrends can also yield profitable outcomes. Stay informed and strategically engage with the market to navigate the complexities of investing successfully.
