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ASX Scan Highlights: Uptrends and Downtrends
Yesterday marked a notable day for the ASX 200 index, yet the Uptrends Scan List revealed an unexpectedly minimal selection of stocks, comprising only two feature uptrends—an unprecedented low since the ChartWatch ASX Scans began 11 months ago.
Understanding the Current Landscape
The limited feature uptrends contrast starkly with the overall improvement observed at the benchmark level. This anomaly can be attributed primarily to two factors:
-
Impact of Geopolitical Factors: The Trump trade war correction severely disrupted numerous promising uptrends, with many stocks still struggling to recover their short-term trends and price actions enough to be considered for the Uptrends Scan List.
- Gold Sector Setbacks: A significant drop in gold stocks, marked by long black candles finishing at their trading session lows, has resulted in many former strong candidates falling off the Uptrends Scan completely.
Despite the current challenges, a positive takeaway is the scarcity of stocks listed in today’s Downtrends Scan as well, showing only six feature downtrends.
A Closer Look at Key Downtrends
The Downtrends Scan List, though small, highlights several noteworthy stocks. Particularly, Domino’s Pizza Enterprises (DMP), Cettire (CTT), and IDP Education (IEL) have appeared multiple times, reflecting their continued underperformance.
Presentation of Today’s Uptrends Scan List
Here’s a summary of today’s Uptrends Scan List:
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| AMA Group | AMA | $0.066 | +37.5% | +50.6% |
| Austal | ASB | $5.08 | +19.2% | +118.0% |
| ASX | ASX | $69.89 | +5.9% | +11.8% |
| COG Financial Services | COG | $1.390 | +44.8% | +2.2% |
| Echoiq | EIQ | $0.320 | +6.7% | +204.8% |
| iShares Global Consumer ETF | IXI | $103.60 | +4.3% | +14.3% |
| Megaport | MP1 | $10.38 | -1.8% | -23.6% |
| Stealth Group | SGI | $0.850 | +18.9% | +209.1% |
| Sigma Healthcare | SIG | $3.07 | +7.0% | +140.8% |
| Supply Network | SNL | $38.10 | +0.8% | +93.4% |
| Service Stream | SSM | $1.815 | +1.4% | +41.8% |
| Solvar | SVR | $1.600 | +20.3% | +60.8% |
| Vicinity Centres | VCX | $2.32 | +6.4% | +21.8% |
Notable Highlights from the Uptrends Scan
From the uptrends, COG Financial Services (ASX: COG) and Solvar (ASX: SVR) are identified as showing strong excess demand, indicating potential to be of interest to investors.
Today’s Downtrends Scan List
| Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
| Bellevue Gold | BGL | $0.855 | -26.6% | -54.6% |
| Cettire | CTT | $0.495 | -45.6% | -84.0% |
| Domino’s Pizza Enterprises | DMP | $24.99 | -6.5% | -33.0% |
| Elanor Commercial Property Fund | ECF | $0.535 | -12.3% | -21.6% |
| Healthco Healthcare and Wellness | HCW | $0.830 | -6.7% | -24.5% |
| IDP Education | IEL | $8.22 | -13.2% | -50.0% |
| Lendlease Group | LLC | $5.25 | -15.2% | -14.6% |
| Macquarie Technology Group | MAQ | $56.75 | -16.5% | -30.8% |
| Mineral Resources | MIN | $17.21 | -24.4% | -74.8% |
| Nuix | NXL | $2.35 | -27.7% | +20.5% |
| Paradigm Biopharmaceuticals | PAR | $0.275 | -34.5% | -8.3% |
| Resmed Inc | RMD | $33.25 | -5.3% | +19.1% |
| South32 | S32 | $2.65 | -24.9% | -16.9% |
| The Star Entertainment Group | SGR | $0.105 | -16.0% | -81.7% |
| WEB Travel Group | WEB | $4.10 | -9.9% | -42.4% |
| Whitehaven Coal | WHC | $4.78 | -16.4% | -39.3% |
Key Takeaways from the Downtrends
Stocks such as Bellevue Gold (ASX: BGL), Cettire (ASX: CTT), and Domino’s Pizza Enterprises (ASX: DMP) are currently demonstrating significant selling pressure and may warrant close consideration from investors looking to understand the selling dynamics.
Concluding Thoughts
Navigating the current market conditions necessitates thorough research and analysis. Remember, the landscape can change rapidly; the trends observed today may shift by the end of the trading day. For further insights into technical analysis methodologies, a detailed review available in the ChartWatch Primer is recommended.
Investors should utilise this data to refine their strategies while always conducting their own independent research.
