ChartWatch ASX Scans: September sucks! Welcome to the month of pain for WOW, WTC, DMP, JHX, TLX and XRO
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: 29METALS (29M), 4DMEDICAL (4DX), Alkane (ALK), Artrya (AYA), Brazilian Rare Earths (BRE), Eroad (ERD), Gateway Mining (GML), Graincorp (GNC), Kelsian (KLS), Meeka Metals (MEK), SKS (SKS), Tabcorp (TAH), Wagners (WGN).
- Interesting downtrends in today's Scans: ASX (ASX), Accent Group (AX1), Bank of Qld (BOQ), Botanix (BOT), Domino's Pizza (DMP), Guzman y Gomez (GYG), Inghams (ING), Karoon Energy (KAR), South32 (S32), Sonic Health (SHL), Woolworths (WOW), Wisetech (WTC).
In yesterday's edition of ChartWatch ASX Scans, we discussed how there was a palpable changing of the guard with respect to the ratio of Uptrends Scan List constituents to Downtrends Scan List constituents. FYI, in yesterday's ed. it had slipped to 1.4 to 1 – a far cry from the record 17 to 1 set on 21 August as the ASX 200 was steadily working its way up to 25 August's record high.
Today's ratio? 🤔 0.4 to 1 – or put another way – 2.5 Downtrends for each Uptrend. ⚠️
I didn't foresee yesterday's carnage in the benchmark index, but that's mainly because I am not a prognosticator. I learned many years ago that I can't tell the future (funnily enough), and so, that all efforts aimed at prognostication are futile. That's largely why I became a trend follower.
Whilst prediction is impossible – there was a clear trend in that Uptrends/Downtrends ratio data. As you'll recall, I've only just started collecting it (since 1 August), but I've always had a hunch – just from the fact I've been running my scans day in-day out for decades now – that it was the case:
There is a natural tendency for the ratio of uptrends to downtrends identified by my technical model to track the underlying sentiment in the demand-supply environment – and as this ratio draws closer to even from a previously great number – it indicates that conditions in the demand-supply environment are moving closer to equilibrium.
It is more common for market technicians and quantitative analysts to track similar gauges such as market breadth. But I think my Uptrends to Downtrends Ratio goes several steps further as it tracks demand-side versus supply-side controlled stocks, rather than simply up versus down on the day. In short, I think I've got a great tool here – another one for my technical toolbox to go alongside my trend, price action and candle trio, and of course, my seasonal analysis.
On that last point... Yes, hindsight is a wonderful thing, and we all should have sold out on August 27!!! 🤦
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 | $0.395 | +41.1% | +23.5% |
4DMEDICAL | 4DX | $1.155 | +244.8% | +162.5% |
Alkane Resources | ALK | $1.175 | +59.9% | +176.5% |
Artrya | AYA | $2.22 | +94.7% | +572.7% |
Broken Hill Mines | BHM | $0.625 | +47.1% | +75.4% |
Bisalloy Steel Group | BIS | $5.00 | +25.6% | +58.4% |
Brazilian Rare Earths | BRE | $2.85 | +24.5% | +1.8% |
Energy One | EOL | $14.90 | +17.0% | +227.5% |
Electro Optic Systems | EOS | $6.75 | +59.6% | +345.5% |
Eroad | ERD | $2.27 | +61.0% | +80.9% |
Gateway Mining | GML | $0.056 | +124.0% | +143.5% |
Graincorp | GNC | $8.45 | +11.9% | -1.1% |
Humm Group | HUM | $0.655 | +14.9% | -4.4% |
Kelsian Group | KLS | $5.02 | +31.1% | +33.5% |
Meeka Metals | MEK | $0.190 | +35.7% | +222.0% |
Native Mineral Resources | NMR | $0.155 | +14.8% | +638.1% |
Ridley Corporation | RIC | $3.29 | +13.8% | +51.2% |
SKS Technologies Group | SKS | $2.88 | +25.8% | +100.0% |
Tabcorp | TAH | $1.040 | +38.7% | +139.1% |
Tasmea | TEA | $4.31 | +8.3% | +156.3% |
Torque Metals. | TOR | $0.325 | +27.5% | +209.5% |
Wagners Holding Company | WGN | $2.57 | +28.5% | +190.4% |
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: 29METALS (ASX: 29M), 4DMEDICAL (ASX: 4DX), Alkane Resources (ASX: ALK), Artrya (ASX: AYA), Bisalloy Steel Group (ASX: BIS), Brazilian Rare Earths (ASX: BRE), Eroad (ASX: ERD), Gateway Mining (ASX: GML), Graincorp (ASX: GNC), Kelsian Group (ASX: KLS), Meeka Metals (ASX: MEK), Native Mineral Resources (ASX: NMR), Ridley Corporation (ASX: RIC), SKS Technologies Group (ASX: SKS), Tabcorp (ASX: TAH), Wagners Holding Company (ASX: WGN).
10 Randomly chosen Feature Uptrend Charts:
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Downtrends Scan List
Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
Australian Clinical Labs | ACL | $2.61 | -4.4% | -13.0% |
Auckland International Airport | AIA | $6.74 | -3.6% | -2.2% |
Amcor | AMC | $12.78 | -12.1% | -23.4% |
Appen | APX | $0.875 | -5.4% | -28.0% |
ASX | ASX | $61.26 | -13.6% | +0.1% |
Accent Group | AX1 | $1.335 | -10.4% | -36.7% |
Bapcor | BAP | $3.48 | -9.4% | -28.8% |
Bank of Queensland | BOQ | $6.83 | -11.2% | +8.1% |
Botanix Pharmaceuticals | BOT | $0.135 | -10.0% | -61.4% |
Beach Energy | BPT | $1.195 | -1.6% | -4.4% |
Bluescope Steel | BSL | $22.66 | -1.4% | +9.7% |
Computershare | CPU | $36.84 | -9.1% | +29.6% |
CSL | CSL | $206.62 | -22.7% | -32.7% |
Domino's Pizza Enterprises | DMP | $14.12 | -24.4% | -53.0% |
Eureka Group | EGH | $0.500 | -10.7% | -14.1% |
EQT | EQT | $27.11 | -15.7% | -11.4% |
Flight Centre Travel Group | FLT | $12.32 | -0.6% | -41.2% |
Findi | FND | $3.45 | -7.5% | +1.2% |
Fleetpartners Group | FPR | $2.71 | +0.4% | -15.0% |
G8 Education | GEM | $0.820 | -11.4% | -35.7% |
GQG Partners | GQG | $1.735 | -16.2% | -36.7% |
Guzman y Gomez | GYG | $23.72 | -14.8% | -33.2% |
HMC Capital | HMC | $3.53 | -3.0% | -57.7% |
Inghams Group | ING | $2.68 | -20.9% | -13.8% |
James Hardie Industries | JHX | $29.75 | -27.9% | -46.0% |
Karoon Energy | KAR | $1.665 | -9.8% | -3.8% |
Kogan.Com | KGN | $3.87 | -0.3% | -17.8% |
Lindsay Australia | LAU | $0.660 | -12.0% | -25.0% |
Lendlease Group | LLC | $5.43 | -0.7% | -19.7% |
Macquarie Technology Group | MAQ | $58.00 | -16.8% | -31.4% |
Monash IVF Group | MVF | $0.700 | -13.0% | -41.9% |
Nufarm | NUF | $2.35 | -9.3% | -40.8% |
Orthocell | OCC | $1.130 | -8.1% | +205.4% |
Peninsula Energy | PEN | $0.315 | -39.8% | -78.2% |
Reece | REH | $10.36 | -21.6% | -62.1% |
Reliance Worldwide Corporation | RWC | $4.02 | -4.7% | -25.0% |
South32 | S32 | $2.63 | -10.2% | -16.2% |
Sims | SGM | $13.92 | -5.7% | +26.8% |
Sonic Healthcare | SHL | $22.74 | -17.7% | -17.8% |
Select Harvests | SHV | $3.66 | +4.0% | -7.5% |
Skycity Entertainment Group | SKC | $0.625 | -24.9% | -48.3% |
Stanmore Resources | SMR | $1.810 | -15.0% | -39.9% |
Telix Pharmaceuticals | TLX | $14.15 | -23.6% | -24.0% |
Vulcan Energy Resources | VUL | $3.72 | -3.9% | -2.6% |
WEB Travel Group | WEB | $4.19 | -4.6% | -42.2% |
Woolworths Group | WOW | $27.15 | -14.6% | -23.0% |
Wisetech Global | WTC | $94.80 | -17.7% | -19.5% |
Xero | XRO | $149.75 | -15.2% | +4.6% |
Yancoal Australia | YAL | $5.44 | -13.9% | +0.7% |
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: Auckland International Airport (ASX: AIA), Amcor (ASX: AMC), ASX (ASX: ASX), Accent Group (ASX: AX1), Bank of Queensland (ASX: BOQ), Botanix Pharmaceuticals (ASX: BOT), Domino's Pizza Enterprises (ASX: DMP), EQT (ASX: EQT), GQG Partners (ASX: GQG), Guzman y Gomez (ASX: GYG), Inghams Group (ASX: ING), Karoon Energy (ASX: KAR), Lindsay Australia (ASX: LAU), Peninsula Energy (ASX: PEN), Reece (ASX: REH), Reliance Worldwide Corporation (ASX: RWC), South32 (ASX: S32), Sims (ASX: SGM), Sonic Healthcare (ASX: SHL), Select Harvests (ASX: SHV), Stanmore Resources (ASX: SMR), WEB Travel Group (ASX: WEB), Woolworths Group (ASX: WOW), Wisetech Global (ASX: WTC), Xero (ASX: XRO), Yancoal Australia (ASX: YAL).
10 Randomly chosen Feature Downtrend Charts:
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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's 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 – so always do your own research!!!
