ChartWatch ASX Scans: Short selling edition – PME, WTC, XRO, MQG, TWE, SOL, NWL, TLX and more...
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: Bega Cheese (BGA), Caprice Resources (CRS), Delta Lithium (DLI), Lake Resources (LKE), Monadelphous (MND), Nexted (NXD), Orica (ORI), Shape Australia Corp. (SHA), Starpharma Holdings (SPL), Wildcat Resources (WC8).
- Boss Energy (BOE), Credit Corp (CCP), Cochlear (COH), Digico (DGT), Macquarie (MQG), Netwealth (NWL), Nuix (NXL), Pro Medicus (PME), Perpetual (PPT), Soul Patt’s (SOL), Suncorp (SUN), Telix (TLX), Treasury Wine (TWE), Wisetech Global (WTC), Xero (XRO).
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The long and short of short selling
Short selling can look counter-intuitive at first glance, because it flips the normal investment sequence on its head. A conventional trade is simple: buy first, sell later. You profit if the price rises by more than your costs, and you lose if it falls.
Short selling is the same idea in reverse: sell first, buy later. Traders short a stock when they believe its price is more likely to fall than rise. Most investors have had that feeling – “this stock is going down” – and short selling is the mechanism that allows you to act on it.
The obvious question is: How can you sell something you don’t own? You can’t – at least not legally on the ASX. “Naked” short selling is banned. To short a stock, you must borrow the shares from an existing shareholder. Retail investors typically do this through a broker who arranges a stock-borrowing facility, handles settlement, and charges a fee for the service. Practically, it feels no different to placing any other order: enter the quantity, hit “SELL”, and when your broker sees you don't already own the stock, they recognise the order as a short sale.
Once you’re short, the stock’s price moves just as it normally would. Your goal is to buy it back later at a cheaper price. When you decide the trade is done – profit or loss – you close the position by hitting “BUY”. This is called covering your short.
Example: Wisetech Global (ASX: WTC)
Suppose that back on 4 September, you noticed that WTC appeared as a Feature Downtrend (i.e., highest conviction) in ChartWatch ASX Scans. You look at the chart and agree it looks like one of Carl's "Turnaround Setups" for a short. You don't own any WTC shares.
The opening price on 4 September is $94.80. You enter “100” into a WTC order ticket and click SELL
Your broker sees that you don't own any WTC shares, and so, borrows them on your behalf and opens a short position
WTC then collapses to $64.91 (i.e., Friday's close).
Despite the fact it's a Feature Downtrend again today (😉) you decide to close the position. You enter "100" into a WTC order ticket and click BUY.
Gross Profit: ($94.80 – $61.94) x 100 = $29.89 x 100 = $2,989
But if WTC had instead rallied to close above the short term downtrend ribbon at $108:
Gross Profit: ($94.80 – $108) x 100 = -$13.20 x 100 = -$1,320
It's that simple. SELL first, BUY last. The difference is your profit (if the price falls) or your loss (if the price rises). There are various fees to consider, of course, but I'll leave that item to investigate in your own time!
For now, I note that short selling is nothing new – it's been around about as long as markets. It comes in handy when you want to "hedge" your long-side risk, or when you simply want to take advantage of an expected drop in a particular stock or the market in general. But! If you're one of those people who believes that stocks only ever go up, then you just wasted 5 minutes of your time reading this article!
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. You can also watch these videos 📺 in which I perform live analysis of ASX stocks as requested by viewers, including detailed explanations of how my methodology works.
How to use the Uptrends & Downtrends lists, and Feature Chart lists
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 % |
|---|---|---|---|---|
APA Group | APA | $9.37 | +3.2% | +40.9% |
Bega Cheese | BGA | $5.93 | +13.2% | +12.1% |
Caprice Resources | CRS | $0.155 | +10.7% | +434.5% |
Delta Lithium | DLI | $0.210 | +7.7% | +9.0% |
Domino's Pizza Enterprises | DMP | $21.78 | +43.7% | -29.1% |
EDU Holdings | EDU | $0.680 | -4.2% | +580.0% |
Elevra Lithium | ELV | $5.18 | +10.9% | +7.9% |
Galan Lithium | GLN | $0.195 | +21.9% | +18.2% |
Global X Physical Gold | GOLD | $58.99 | -1.5% | +60.6% |
Helia Group | HLI | $5.89 | +7.5% | +55.1% |
Kula Gold | KGD | $0.039 | -4.9% | +358.8% |
Lake Resources | LKE | $0.057 | +58.3% | 0% |
Loyal Metals | LLM | $0.390 | +13.0% | +254.5% |
Meeka Metals | MEK | $0.240 | -4.0% | +269.2% |
Mineral Resources | MIN | $50.74 | +19.4% | +34.7% |
Monadelphous Group | MND | $26.97 | +15.7% | +117.5% |
Northern Star Resources | NST | $26.50 | +4.1% | +60.1% |
Nexted Group | NXD | $0.410 | +82.2% | +272.7% |
Orica | ORI | $23.85 | +9.8% | +37.1% |
Pilbara Minerals | PLS | $3.82 | +44.2% | +22.0% |
Shape Australia Corp. | SHA | $6.48 | +18.2% | +138.2% |
Shriro Holdings | SHM | $0.790 | +12.9% | +14.5% |
Starpharma Holdings | SPL | $0.420 | +47.4% | +328.6% |
Tasmea | TEA | $5.25 | +11.7% | +87.1% |
Ventia Services Group | VNT | $5.79 | +6.6% | +23.2% |
Wildcat Resources | WC8 | $0.275 | +14.6% | -19.1% |
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: Bega Cheese (ASX: BGA), Caprice Resources (ASX: CRS), Delta Lithium (ASX: DLI), Lake Resources (ASX: LKE), Monadelphous Group (ASX: MND), Nexted Group (ASX: NXD), Orica (ASX: ORI), Shape Australia Corp. (ASX: SHA), Starpharma Holdings (ASX: SPL), Wildcat Resources (ASX: WC8).
Feature Uptrend Charts:
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Downtrends Scan List 📉
Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
Audinate Group | AD8 | $4.02 | -40.1% | -57.7% |
Aristocrat Leisure | ALL | $57.40 | -12.5% | -11.6% |
Amotiv | AOV | $8.64 | -1.9% | -18.3% |
Appen | APX | $0.655 | -18.6% | -77.2% |
ARB Corp. | ARB | $32.73 | -15.0% | -20.4% |
Boss Energy | BOE | $1.680 | -13.4% | -43.6% |
Credit Corp Group | CCP | $13.12 | -12.4% | -27.9% |
Cochlear | COH | $274.30 | -4.3% | -8.4% |
Computershare | CPU | $36.03 | -3.8% | +23.3% |
Coronado Global Resources | CRN | $0.265 | -29.3% | -72.8% |
Cleanaway Waste Management | CWY | $2.51 | -10.4% | -8.7% |
Digico Infrastructure Reit | DGT | $2.37 | -20.5% | 0% |
EBR Systems | EBR | $1.120 | -23.8% | +9.8% |
Eureka Group Holdings | EGH | $0.495 | -6.6% | -17.5% |
Findi | FND | $1.555 | -36.8% | -75.1% |
GDI Property Group | GDI | $0.640 | -1.5% | +6.7% |
Guzman Y Gomez | GYG | $23.86 | -5.3% | -33.6% |
Healthco Healthcare and Wellness Reit | HCW | $0.705 | +2.9% | -37.3% |
Insurance Australia Group | IAG | $7.80 | -5.6% | -0.6% |
Integral Diagnostics | IDX | $2.49 | -4.6% | -20.4% |
Infratil | IFT | $10.13 | -8.8% | -9.0% |
Ingenia Communities Group | INA | $5.28 | -5.4% | +6.7% |
Inghams Group | ING | $2.42 | -3.6% | -18.8% |
Jumbo Interactive | JIN | $10.02 | -17.7% | -22.7% |
Macquarie Technology Group | MAQ | $61.22 | -6.9% | -31.8% |
Magnetic Resources | MAU | $1.250 | -15.8% | +7.3% |
Magellan Financial Group | MFG | $9.27 | -9.6% | -11.0% |
Macquarie Group | MQG | $200.58 | -12.4% | -13.2% |
Netwealth Group | NWL | $28.10 | -14.6% | -5.5% |
News Corp. Class B | NWS | $45.48 | -1.5% | -7.3% |
Nuix | NXL | $1.935 | -34.4% | -74.5% |
Nextdc | NXT | $13.82 | -15.2% | -19.3% |
Orthocell | OCC | $1.045 | -26.9% | +65.9% |
Objective Corp. | OCL | $17.37 | -10.7% | -0.4% |
Pro Medicus | PME | $248.83 | -15.0% | +21.6% |
Premier Investments | PMV | $17.26 | -3.3% | -32.6% |
Pinnacle Investment Management | PNI | $16.43 | -16.0% | -23.6% |
Perpetual | PPT | $18.77 | -10.2% | -8.2% |
Resmed Inc | RMD | $38.36 | -7.9% | +0.6% |
The Star Entertainment Group | SGR | $0.086 | -9.5% | -65.6% |
Washington H. Soul Pattinson | SOL | $36.57 | -4.3% | +7.4% |
Suncorp Group | SUN | $19.33 | -5.4% | +4.3% |
Telix Pharmaceuticals | TLX | $14.13 | -16.6% | -39.8% |
Titomic | TTT | $0.225 | -18.2% | -10.0% |
Treasury Wine Estates | TWE | $5.76 | -8.1% | -47.2% |
Wisetech Global | WTC | $64.91 | -22.4% | -48.9% |
Xero | XRO | $122.36 | -21.0% | -23.3% |
Block | XYZ | $93.96 | -19.7% | -25.7% |
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: Audinate Group (ASX: AD8), Aristocrat Leisure (ASX: ALL), Appen (ASX: APX), ARB Corp. (ASX: ARB), Boss Energy (ASX: BOE), Credit Corp Group (ASX: CCP), Cochlear (ASX: COH), Digico Infrastructure Reit (ASX: DGT), Insurance Australia Group (ASX: IAG), Integral Diagnostics (ASX: IDX), Ingenia Communities Group (ASX: INA), Magellan Financial Group (ASX: MFG), Macquarie Group (ASX: MQG), Netwealth Group (ASX: NWL), Nuix (ASX: NXL), Orthocell (ASX: OCC), Objective Corp. (ASX: OCL), Pro Medicus (ASX: PME), Premier Investments (ASX: PMV), Pinnacle Investment Management (ASX: PNI), Perpetual (ASX: PPT), Washington H. Soul Pattinson (ASX: SOL), Suncorp Group (ASX: SUN), Telix Pharmaceuticals (ASX: TLX), Treasury Wine Estates (ASX: TWE), Wisetech Global (ASX: WTC), Xero (ASX: XRO), Block (ASX: XYZ).
10 Randomly chosen Feature Downtrend Charts:
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Important considerations when using the ChartWatch Daily ASX Scans:
1. For more information on Carl's trend following information, check out his Technical analysis for beginners: ChartWatch Primer.
2. 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 next trading today. 2. These lists are not exhaustive, they are carefully 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!!!
