Technical Analysis

ChartWatch ASX Scans: News Corp, Pinnacle Investment, Race Oncology, Karoon Energy, Select Harvests, Wildcat Resources

Tue 04 Jun 24, 9:10am (AEST)
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Key Points

  • Interesting uptrends in today's Scan Lists include: News Corporation (NWS), Pinnacle Investment Management (PNI), Race Oncology (RAC), Step One Clothing (STP), and Vulcan Energy Resources (VUL)
  • Interesting downtrends in today's Scan Lists include: Ampol (ALD), De Grey Mining (DEG), Karoon Energy (KAR), Platinum Asset Management (PTM), Select Harvests (SHV), and Wildcat Resources (WC8)

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.


Uptrends Scan List

Company

Code

Last Price

1mo %

1yr %

ALS

ALQ

$13.09

+0.9%

+1.5%

Alumina

AWC

$1.555

+5.4%

+3.3%

Bega Cheese

BGA

$4.47

+8.8%

+16.1%

Bisalloy Steel Group

BIS

$3.30

+14.2%

+71.8%

Droneshield

DRO

$0.830

+12.2%

+176.7%

EQT Holdings

EQT

$30.05

+5.1%

+10.9%

Fenix Resources

FEX

$0.290

+10.5%

+20.8%

GQG Partners Inc.

GQG

$2.48

+11.7%

+70.4%

Helia Group

HLI

$4.24

-1.8%

+27.4%

Hub24

HUB

$40.38

-2.6%

+44.9%

Iperionx

IPX

$2.15

-5.3%

+92.8%

Kina Securities

KSL

$0.940

+3.3%

+28.8%

Macmahon Holdings

MAH

$0.250

+8.7%

+85.2%

Netwealth Group

NWL

$19.77

+0.2%

+43.6%

News Corporation

NWS

$37.77

-5.2%

+45.5%

Pinnacle Investment Management

PNI

$11.50

+2.1%

+26.9%

Polynovo

PNV

$2.09

0%

+29.4%

Race Oncology

RAC

$1.22

-17.0%

-34.2%

Regal Partners

RPL

$2.89

-5.6%

-10.8%

Step One Clothing

STP

$1.39

-17.0%

+405%

Vulcan Energy Resources

VUL

$3.40

+26.3%

-43.8%

Whitehaven Coal

WHC

$7.98

+11.9%

+10.5%

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: Alumina (ASX: AWC), Bega Cheese (ASX: BGA), Droneshield (ASX: DRO), EQT Holdings (ASX: EQT), Helia Group (ASX: HLI), Kina Securities (ASX: KSL), Macmahon Holdings (ASX: MAH), Netwealth Group (ASX: NWL), News Corporation (ASX: NWS), Pinnacle Investment Management (ASX: PNI), Race Oncology (ASX: RAC), Step One Clothing (ASX: STP), Vulcan Energy Resources (ASX: VUL).

Charts of each below:

Alumina (ASX-AWC) chart 3 June 2024Bega Cheese (ASX-BGA) chart 3 June 2024Droneshield (ASX-DRO) chart 3 June 2024EQT Holdings (ASX-EQT) chart 3 June 2024Helia Group (ASX-HLI) chart 3 June 2024Kina Securities (ASX-KSL) chart 3 June 2024Macmahon Holdings (ASX-MAH) chart 3 June 2024Netwealth Group (ASX-NWL) chart 3 June 2024News Corporation (ASX-NWS) chart 3 June 2024Pinnacle Investment Management Group (ASX-PNI) chart 3 June 2024Race Oncology (ASX-RAC) chart 3 June 2024Step One Clothing (ASX-STP) chart 3 June 2024Vulcan Energy Resources (ASX-VUL) chart 3 June 2024

Downtrends Scan List

Company

Code

Last Price

1mo %

1yr %

Ampol

ALD

$35.29

-12.5%

+21.3%

Eagers Automotive

APE

$11.92

-10.8%

-16.0%

Brickworks

BKW

$26.59

-3.8%

+6.7%

Dicker Data

DDR

$10.65

-0.8%

+33.0%

De Grey Mining

DEG

$1.227

-2.4%

-22.9%

Karoon Energy

KAR

$1.910

-12.4%

-9.4%

Platinum Asset Management

PTM

$1.060

-5.8%

-39.4%

Select Harvests

SHV

$3.41

-21.6%

-25.1%

Wildcat Resources

WC8

$0.485

-24.8%

+1369.7%

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: Ampol (ASX: ALD), De Grey Mining (ASX: DEG), Karoon Energy (ASX: KAR), Platinum Asset Management (ASX: PTM), Select Harvests (ASX: SHV), Wildcat Resources (ASX: WC8).

Charts of each below:

Ampol (ASX-ALD) chart 3 June 2024De Grey Mining (ASX-DEG) chart 3 June 2024Karoon Energy (ASX-KAR) chart 3 June 2024Platinum Asset Management (ASX-PTM) chart 3 June 2024Select Harvests (ASX-SHV) chart 3 June 2024Wildcat Resources (ASX-WC8) chart 3 June 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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