ChartWatch ASX Scans: PLS, RIO, FMG, DMP are all plunging...but ANZ in the Downtrends List...is that a typo?
Your daily dose of the most interesting uptrends and downtrends on the ASX with technical analysis from an expert.
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Mentioned
KEY POINTS
- Interesting uptrends in today's Scans: APA ( APA), Brambles ( BXB), Cochlear ( COH), Droneshield ( DRO), EZZ Life Science ( EZZ), Karoon Energy ( KAR), Kelsian ( KLS), Resmed ( RMD), Superloop ( SLC), Ventia Services ( VNT), Xero ( XRO), Zip Co ( ZIP).
- Interesting downtrends in today's Scans: Australian Clinical Labs ( ACL), Amcor ( AMC), ANZ Group ( ANZ), Domino's Pizza Enterprises ( DMP), Iluka ( ILU), Pilbara Minerals ( PLS), Platinum Asset Management ( PTM), Rio Tinto ( RIO), Vulcan Steel ( VSL).
Pilbara Minerals (PLS), Rio Tinto (RIO), Fortescue (FMG), and Domino's Pizza (DMP)...absolute capital killers. In the case of RIO, perhaps only more-recently, but for the other three, investors who stuck with them have lost dozens of percent of their capital in some cases.
Each of them, and most of the rest of tonight's Downtrend Scan List, have been serial underperformers and identified as such in ChartWatch ASX Scans day in and day out for the last 13 months it's been running. But look at them now – they can't possibly go much lower, right? 🤔
They're too cheap!
They're oversold!
They're due for a bounce!
The market doesn't appreciate their true value!
The market has gone crazy! It's unfair!
Maybe, what do I know? I just look at charts 🤷.
I can't tell you anything about the "true value" of these or any other stocks because I learned a long time ago that it doesn't matter one tiny little bit what I think about a stock and its true value – because the market's gonna do what the market's gonna do anyway.
So, I stopped trying to force my views of true value on the market...more specifically, I stopped worrying about such imaginary constructs and I began focussing on the only true tenet of all market action: Demand vs Supply = Price.
Whilst long term followers of ChartWatch ASX Scans may not at all be surprised to see the likes of PLS, RIO, FMG, and DMP in today's Downtrends Scan List, they will likely be surprised by the inclusion of ANZ Group (ANZ). A big bank in the Downtrends Scan List? Surely not! 😱
Yes, believe it! It's an aggressive setup, to be fair, with the short and long term trends really only just turning lower, but I felt on the basis of Friday's long, black candle and it's close right on the session low – that the balance of control has just tipped to the supply-side. "Worth some risk", is how I'd describe it.
But this is the point of taking out a few strategic shorts – to hedge one's long-side exposure. And what better way to do it than with a stock that used to be "one of them", you know, one of the "strong ones"!?
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
Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
29METALS | 29M | $0.250 | +56.3% | -39.5% |
Aura Energy | AEE | $0.165 | +37.5% | +13.8% |
APA Group | APA | $8.73 | +5.8% | +3.8% |
Aspen Group | APZ | $3.85 | +12.9% | +115.1% |
Autosports Group | ASG | $2.23 | +1.4% | +2.8% |
BetaShares Asia Technology Tigers ETF | ASIA | $11.40 | +2.2% | +24.0% |
Abacus Storage King | ASK | $1.580 | +4.3% | +35.6% |
Brickworks | BKW | $33.80 | +23.1% | +25.0% |
Bubs Australia | BUB | $0.160 | +23.1% | +23.1% |
Brambles | BXB | $24.56 | +12.0% | +69.1% |
Commonwealth Bank of Australia | CBA | $182.53 | +4.3% | +42.6% |
Cobram Estate Olives | CBO | $2.10 | +13.5% | +16.7% |
Codan | CDA | $20.26 | +18.1% | +79.1% |
Challenger | CGF | $7.89 | +4.5% | +20.3% |
Charter Hall Group | CHC | $19.56 | +6.9% | +56.5% |
Capricorn Metals | CMM | $10.52 | +16.0% | +135.9% |
COG Financial Services | COG | $1.550 | +6.5% | +40.0% |
Cochlear | COH | $295.64 | +8.6% | -11.0% |
Cedar Woods Properties | CWP | $6.89 | +6.8% | +51.4% |
Vaneck Global Defence ETF | DFND | $35.90 | +7.2% | 0% |
Droneshield | DRO | $1.910 | +61.9% | +31.3% |
Develop Global | DVP | $4.87 | +31.3% | +137.6% |
EDU | EDU | $0.340 | +88.9% | +100.0% |
Elsight | ELS | $1.390 | +150.5% | +251.9% |
European Lithium | EUR | $0.061 | +24.5% | +15.1% |
EZZ Life Science | EZZ | $2.65 | +64.1% | +126.5% |
GR Engineering Services | GNG | $3.29 | +15.8% | +49.5% |
Genusplus Group | GNP | $3.59 | +11.1% | +93.5% |
Helia Group | HLI | $5.36 | +3.5% | +40.2% |
Insurance Australia Group | IAG | $9.03 | +6.0% | +34.8% |
iShares MSCI South Korea ETF | IKO | $109.74 | +16.2% | +7.6% |
Karoon Energy | KAR | $2.07 | +29.0% | +25.8% |
Kelsian Group | KLS | $3.71 | +20.5% | -26.1% |
Kingston Resources | KSN | $0.135 | +8.0% | +77.6% |
Metcash | MTS | $3.70 | +8.5% | -1.6% |
New World Resources | NWC | $0.056 | +86.7% | +51.4% |
Ophir High Conviction Fund | OPH | $3.32 | +9.6% | +28.7% |
Resmed Inc | RMD | $39.16 | +1.3% | +22.9% |
Steadfast Group | SDF | $6.01 | +2.4% | +7.9% |
St George Mining | SGQ | $0.034 | +25.9% | +61.9% |
Superloop | SLC | $2.99 | +15.9% | +98.0% |
Ventia Services Group | VNT | $5.00 | +6.6% | +32.6% |
Warriedar Resources | WA8 | $0.130 | +8.3% | +176.6% |
Xero | XRO | $193.77 | +6.6% | +48.6% |
Zip Co. | ZIP | $2.87 | +43.5% | +104.3% |
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: APA Group (ASX: APA), Aspen Group (ASX: APZ), Brambles (ASX: BXB), Codan (ASX: CDA), Cochlear (ASX: COH), Vaneck Global Defence ETF (ASX: DFND), Droneshield (ASX: DRO), Develop Global (ASX: DVP), EDU (ASX: EDU), EZZ Life Science (ASX: EZZ), GR Engineering Services (ASX: GNG), iShares MSCI South Korea ETF (ASX: IKO), Karoon Energy (ASX: KAR), Kelsian Group (ASX: KLS), Kingston Resources (ASX: KSN), New World Resources (ASX: NWC), Resmed Inc (ASX: RMD), Superloop (ASX: SLC), Ventia Services Group (ASX: VNT), Xero (ASX: XRO), Zip Co. (ASX: ZIP).
10 Randomly chosen Feature Uptrend Charts below:
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Downtrends Scan List
Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
Australian Clinical Labs | ACL | $2.62 | -14.9% | +1.6% |
AGL Energy | AGL | $10.08 | -2.2% | -3.3% |
Amcor | AMC | $13.86 | -2.7% | -8.0% |
Austin Engineering | ANG | $0.325 | -8.5% | -44.0% |
ANZ Group | ANZ | $28.39 | -1.6% | -2.9% |
Champion Iron | CIA | $4.07 | -8.9% | -36.6% |
Dicker Data | DDR | $7.82 | -3.5% | -20.4% |
Domino's Pizza | DMP | $19.33 | -20.5% | -47.6% |
EBR Systems | EBR | $1.080 | -11.1% | +7.8% |
Fortescue | FMG | $14.69 | -8.9% | -32.6% |
GQG Partners | GQG | $1.950 | -9.3% | -28.6% |
Iluka Resources | ILU | $3.56 | -7.3% | -44.1% |
Ioneer | INR | $0.095 | -26.9% | -38.7% |
Myer | MYR | $0.600 | -20.5% | -1.4% |
Pilbara Minerals | PLS | $1.230 | -9.9% | -62.3% |
Platinum Asset | PTM | $0.470 | -15.3% | -42.3% |
PWR Holdings | PWH | $6.27 | -7.5% | -43.9% |
Redox | RDX | $2.05 | -28.3% | -35.5% |
Rio Tinto | RIO | $102.17 | -14.5% | -14.3% |
Regal Partners | RPL | $2.06 | -4.2% | -42.8% |
South32 | S32 | $2.88 | -6.5% | -20.9% |
Select Harvests | SHV | $4.20 | -9.7% | +24.0% |
Skycity Entertainment | SKC | $0.830 | -8.3% | -37.8% |
Vulcan Steel | VSL | $5.26 | -21.1% | -22.8% |
Weebit Nano | WBT | $1.515 | -10.9% | -32.4% |
Wildcat Resources | WC8 | $0.125 | -19.4% | -64.3% |
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: Australian Clinical Labs (ASX: ACL), Amcor (ASX: AMC), ANZ Group (ASX: ANZ), Domino's Pizza Enterprises (ASX: DMP), Iluka Resources (ASX: ILU), Pilbara Minerals (ASX: PLS), Platinum Asset Management (ASX: PTM), Rio Tinto (ASX: RIO), Vulcan Steel (ASX: VSL).
Feature Downtrend Charts below:
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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.
