Technical Analysis

ChartWatch ASX Scans: Black Cat Syndicate, Droneshield, L1 Long Short Fund, Medadvisor, Rex Minerals, Collins Foods

Thu 30 May 24, 9:07am (AEST)
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Key Points

  • Interesting uptrends in today's Scan Lists include: Interesting uptrends in today's Scan Lists include: Black Cat Syndicate (BC8), Droneshield (DRO), L1 Long Short Fund (LSF), Medadvisor (MDR), and Rex Minerals (RXM)
  • Interesting downtrends in today's Scan Lists include: Audinate Group (AD8), ASX (ASX), Bank of Queensland (BOQ), Bluescope Steel (BSL), Brambles (BXB), Collins Foods (CKF), Coles Group (COL), Washington H Soul Pattinson (SOL), and Syrah Resources (SYR)

Welcome to my ChartWatch Daily ASX Scans series. Here I present scan lists based on my trend following technical analysis methodology. My goal is to alert you to the best uptrends and downtrends on the ASX.

Seven of nine down days on the Aussie market, culminating in yesterday's sharp sell off has taken its toll on the Uptrends Scan List. Such is the nature of trend-based analysis.

It makes just as much sense that the Downtrends List is swelling. Those who have access to short selling have probably enjoyed some nice wins over the past couple of weeks, and this highlights the need to be able to play both sides of the market.


Uptrends Scan List

Company

Code

Last Price

1mo %

1yr %

Black Cat Syndicate

BC8

$0.365

+32.7%

-3.9%

Droneshield

DRO

$1.085

+31.5%

+280.7%

L1 Long Short Fund

LSF

$3.15

+5.4%

+8.6%

Munro Climate Change Leaders Fund ETF

MCCL

$15.18

+10.2%

+62.5%

Medadvisor

MDR

$0.450

+50.0%

+104.5%

Metals X

MLX

$0.485

+6.6%

+79.6%

BetaShares Crude Oil Index ETF Hedged

OOO

$6.01

-2.0%

+20.2%

Regal Asian Investments

RG8

$2.13

+7.3%

+7.0%

Rex Minerals

RXM

$0.260

+18.2%

+16.5%

VGI Partners Global Investments

VG1

$1.920

+6.7%

+21.9%

Today's Uptrends Scan List

Interesting charts from today's Uptrends List πŸ”ŽπŸ“ˆ

The stocks that I feel are showing the strongest excess demand from today's Uptrends List are: Black Cat Syndicate (ASX: BC8), Droneshield (ASX: DRO), L1 Long Short Fund (ASX: LSF), Medadvisor (ASX: MDR), Rex Minerals (ASX: RXM).

Charts of each below:

Black Cat Syndicate (ASX-BC8) chart 29 May 2024Droneshield (ASX-DRO) chart 29 May 2024L1 Long Short Fund (ASX-LSF) chart 29 May 2024Medadvisor (ASX-MDR) chart 29 May 2024Rex Minerals (ASX-RXM) chart 29 May 2024

Downtrends Scan List

Company

Code

Last Price

1mo %

1yr %

Aussie Broadband

ABB

$3.39

-8.6%

+14.1%

Audinate Group

AD8

$15.00

-20.0%

+71.6%

Ampol

ALD

$35.11

-4.6%

+13.0%

Atlas Arteria

ALX

$5.26

+1.3%

-16.9%

Eagers Automotive

APE

$10.11

-20.0%

-18.7%

ASX

ASX

$62.29

-2.1%

-8.0%

Aurizon Holdings

AZJ

$3.63

-5.2%

+3.4%

Bapcor

BAP

$4.21

-25.5%

-31.4%

Brickworks

BKW

$25.93

-3.3%

+1.3%

Bank of Queensland

BOQ

$5.74

-6.7%

+1.2%

Brainchip Holdings

BRN

$0.250

-13.8%

-41.9%

Bluescope Steel

BSL

$20.91

-8.7%

+9.8%

Brambles

BXB

$13.92

-4.8%

-0.8%

Centuria Industrial Reit

CIP

$3.14

-1.6%

+0.6%

Collins Foods

CKF

$9.05

-9.9%

+5.2%

Coles Group

COL

$16.07

-0.9%

-11.3%

Charter Hall Social Infrastructure Reit

CQE

$2.44

-4.7%

-15.6%

Charter Hall Retail Reit

CQR

$3.29

-1.5%

-11.6%

Corporate Travel Management

CTD

$13.32

-13.3%

-36.1%

Cettire

CTT

$2.29

-23.4%

+21.8%

Deterra Royalties

DRR

$4.66

-5.9%

+5.2%

Dexus

DXS

$6.77

-4.9%

-15.6%

Endeavour Group

EDV

$4.87

-9.1%

-22.2%

Flight Centre Travel Group

FLT

$18.98

-10.5%

-8.9%

Grange Resources

GRR

$0.400

-4.8%

-25.2%

GWA Group

GWA

$2.28

-11.3%

+27.0%

Insignia Financial

IFL

$2.22

-9.8%

-24.0%

Iluka Resources

ILU

$7.24

-5.7%

-35.4%

Imugene

IMU

$0.068

-21.8%

-40.9%

Kelsian Group

KLS

$5.04

-9.4%

-24.2%

Mirvac Group

MGR

$1.950

-5.3%

-15.2%

McMillan Shakespeare

MMS

$16.20

-12.5%

+7.0%

Mayne Pharma Group

MYX

$4.98

-28.6%

+38.3%

Nine Entertainment Co. Holdings

NEC

$1.430

-6.2%

-25.9%

Novonix

NVX

$0.720

-16.8%

-22.2%

OOH!Media

OML

$1.425

-14.9%

+14.9%

Orora

ORA

$2.08

-5.0%

-32.7%

Platinum Asset Management

PTM

$1.025

-4.2%

-38.8%

Region Group

RGN

$2.12

-3.6%

-14.5%

Steadfast Group

SDF

$5.46

-3.7%

-8.2%

Sims

SGM

$10.68

-11.4%

-25.2%

Smartgroup Corporation

SIQ

$7.93

-17.3%

+9.9%

Stanmore Resources

SMR

$3.16

-5.4%

+23.3%

Washington H Soul Pattinson & Company

SOL

$31.55

-3.4%

-4.5%

Spark New Zealand

SPK

$3.74

-13.6%

-23.5%

Block Inc.

SQ2

$98.87

-14.0%

+9.4%

Strike Energy

STX

$0.210

-4.5%

-54.3%

Super Retail Group

SUL

$12.88

-12.2%

+11.2%

Syrah Resources

SYR

$0.455

-13.3%

-48.5%

Telstra Group

TLS

$3.44

-6.3%

-21.1%

Treasury Wine Estates

TWE

$11.10

-8.2%

-13.4%

Weebit Nano

WBT

$2.30

-27.0%

-57.0%

Woodside Energy Group

WDS

$27.47

-2.7%

-21.2%

Today's Downtrends Scan List

Interesting charts from today's Downtrends List πŸ”ŽπŸ“‰

The stocks that I feel are showing the strongest excess supply from today's Downtrends List are: Audinate Group (ASX: AD8), Eagers Automotive (ASX: APE), ASX (ASX: ASX), Bank of Queensland (ASX: BOQ), Bluescope Steel (ASX: BSL), Brambles (ASX: BXB), Collins Foods (ASX: CKF), Coles Group (ASX: COL), Corporate Travel Management (ASX: CTD), Deterra Royalties (ASX: DRR), Dexus (ASX: DXS), Endeavour Group (ASX: EDV), Flight Centre Travel Group (ASX: FLT), Kelsian Group (ASX: KLS), McMillan Shakespeare (ASX: MMS), Smartgroup Corporation (ASX: SIQ), Washington H Soul Pattinson & Company (ASX: SOL), Syrah Resources (ASX: SYR), Telstra Group (ASX: TLS), Treasury Wine Estates (ASX: TWE).

Charts of each below:

ASX (ASX-ASX) chart 29 May 2024Audinate Group (ASX-AD8) chart 29 May 2024Bank of Queensland (ASX-BOQ) chart 29 May 2024Bluescope Steel (ASX-BSL) chart 29 May 2024Brambles (ASX-BXB) chart 29 May 2024Coles Group (ASX-COL) chart 29 May 2024Collins Foods (ASX-CKF) chart 29 May 2024Corporate Travel Management (ASX-CTD) chart 29 May 2024Deterra Royalties (ASX-DRR) chart 29 May 2024Dexus (ASX-DXS) chart 29 May 2024Eagers Automotive (ASX-APE) chart 29 May 2024Endeavour Group (ASX-EDV) chart 29 May 2024Flight Centre Travel Group (ASX-FLT) chart 29 May 2024Kelsian Group (ASX-KLS) chart 29 May 2024McMillan Shakespeare (ASX-MMS) chart 29 May 2024Smartgroup Corporation (ASX-SIQ) chart 29 May 2024Syrah Resources (ASX-SYR) chart 29 May 2024Telstra Group (ASX-TLS) chart 29 May 2024Treasury Wine Estates (ASX-TWE) chart 29 May 2024Washington H Soul Pattinson & Company (ASX-SOL) chart 29 May 2024

ChartWatch ASX Scans Criteria

Criteria for Uptrends List

  • Short term uptrend (ST trend ribbon is light green)

  • Long term uptrend or long term trend is transitioning from down to up (LT trend ribbon is dark green, or LT trend ribbon is amber and contracting)

  • Demand-side price action (rising peaks and rising troughs is preferred, but based upon weight of evidence of other criteria rising peaks only or rising troughs only may be permitted)

  • Predominance of demand-side candles (i.e., white bodies and or downward pointing shadows)

  • The last candle in particular is a strong demand-side candle

Criteria for Downtrends List

  • Short term downtrend (ST trend ribbon is light pink)

  • Long term downtrend or long term trend is transitioning from up to down (LT trend ribbon is dark pink, or LT trend ribbon is amber and contracting)

  • Supply-side price action (falling peaks and falling troughs is preferred, but based upon weight of evidence of other criteria falling peaks only or falling troughs only may be permitted)

  • Predominance of supply-side candles (i.e., black bodies and or upward pointing shadows)

  • The last candle in particular is a strong supply-side candle


Important considerations when using the ChartWatch ASX Scan Lists:
1. The future is unknown. Anything can happen to change the trends in the lists above. A stock in a perfect uptrend or downtrend may not remain that way by the close of trading today. 2. These lists are not exhaustive, they are curated by Carl. You will find that certain stocks might not appear in a particular list on consecutive days but might reappear when Carl feels it deserves to return to the list. 3. This is not a recommendation service, merely an aid to help you better understand the workings of Carl’s technical analysis model in a practical way. Carl will not alert you to stocks that have dropped off a list because their trend has changed – it is up to you to apply the criteria to determine why a particular stock might not still be included. 4. This is general, educational information only – always do your own research.

 

Written By

Carl Capolingua

Content Editor

Carl has over 30-years investing experience, helping investors navigate several bull and bear markets over this time. He is a well respected markets commentator who specialises in how the global macro impacts Australian and US equities. Carl has a passion for technical analysis and has taught his unique brand of price-action trend following to thousands of Aussie investors.

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