ChartWatch ASX Scans: Droneshield, Pro Medicus, Megaport, News Corp, Qantas, QBE, Wesfarmers, Xero

There's an old saying, "It's always darkest before the dawn", which fosters optimism in difficult or despairing situations – i.e., when things appear their worst, they're probably going to get better.

Is the opposite also then true? Is it brightest before the...um, no that doesn't really work does it? If it's brightest at lunch time, then there's still five or six hours of sunlight left.

So, if we look today's Uptrends and Downtrends Scan Lists, the former chock-full of fantastic uptrends just waiting to be bought into, and the latter dwindling to just enough constituents to count on one hand – then we could say the ASX is back to shining its brightest.

As trend followers, we don't fear the turnaround – the sun will set when it sets. We embrace the prevailing, knowing that it's very unlikely the sun will just switch off. Instead, more often that not, when it does go down, it does so with ample warning.

Hey, we'll worry about that eventuality when the time comes, and in the mean time, simply bask in the beautiful warm sunshine 😎 !

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.

Feel free to get your favourite AI to convert the tables below into lists you can upload to your favourite trading platform like TradingView. Then you'll be able to skip from chart to chart and quickly and easily see the best uptrends and downtrends on the ASX.

Some investors prefer to buy those stocks in strong uptrends, and avoid, sell, or short sell those stocks in strong downtrends – but how you use the lists is really up to you!

Note, many stocks in both lists have appeared there many times before. As long as they keep meeting my criteria – they'll keep appearing. But note, there won't be any notifications when they don't, so you'll have to do your own research on when a particular trend changes!

Uptrends Scan List

Today's Uptrends Scan List

Feature Charts from today's Uptrends List 🔎📈

The stocks that I feel are showing the strongest excess demand from today's Uptrends List are: Eagers Automotive (ASX: APE), BetaShares Global Defence ETF (ASX: ARMR), Coles Group (ASX: COL), Droneshield (ASX: DRO), Energy One (ASX: EOL), Kingsgate Consolidated (ASX: KCN), Megaport (ASX: MP1), News Corporation (ASX: NWS), Objective Corporation (ASX: OCL), Pro Medicus (ASX: PME), Qantas Airways (ASX: QAN), QBE Insurance Group (ASX: QBE), Strickland Metals (ASX: STK), Wesfarmers (ASX: WES), Xero (ASX: XRO).

Charts of each below:

Downtrends Scan List

Today's Downtrends Scan List

Feature Charts from today's Downtrends List 🔎📉

The stocks that I feel are showing the strongest excess supply from today's Downtrends List are: Coronado Global Resources (ASX: CRN), Carnarvon Energy (ASX: CVN), Imugene (ASX: IMU).

Charts of each below:

Important considerations when using the ChartWatch Daily ASX Scans:

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.