ChartWatch ASX Scans: Technology One, Wesfarmers, Goodman Group, Pro Medicus, Xero, Virgin Australia, Zip Co.
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: iShares Global Healthcare ETF (IXL), Starpharma Holdings (SPL).
- Interesting downtrends in today's scans: Bendigo Bank (BEN), Goodman Group (GMG), JB HI-FI (JBH), Netwealth (NWL), Nextdc (NXT), Pro Medicus (PME), Technology One (TNE), Treasury Wine (TWE), WA1 Resources (WA1), Wesfarmers (WES), Xero (XRO), Zip (ZIP).
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Some ugly reading in the scan lists below... A never before (not even during the April correction) 2 stocks in the Uptrends Scan list without a single Feature Chart, versus 68 in the Downtrends Scan List with 38 Feature Charts.
But I doubt any of this surprises you – whether that's because the ASX 200 tanked yesterday – or because you've just been following ChartWatch ASX Scans long enough to know that the ratio of downtrends to uptrends has been building towards today's incredible statistic for some time.
In fact, the average number of Downtrends List constituents is greater than the average number of Uptrends List constituents for the period since 28 October. Considering the ASX 200 made it's all-time record high of 9115.2 on 21 October – I propose that's fantastic responsiveness. Within a week of the bull market's peak, one had a strong indication from the market that something wasn't quite right...🚨⚠️
And that's the point of trend following – simply letting the market tell us what it wants to do.
In my experience, though, the problem is that few are listening! 🙉
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 % |
|---|---|---|---|---|
iShares Global Healthcare ETF | IXJ | $145.72 | +4.2% | +3.2% |
Starpharma Holdings | SPL | $0.420 | +44.8% | +324.2% |
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: Nil.
Downtrends Scan List 📉
Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|
Amaero | 3DA | $0.240 | -12.7% | -39.2% |
Alpha HPA | A4N | $0.740 | -2.6% | -24.1% |
Audinate Group | AD8 | $3.96 | -33.9% | -56.1% |
Adairs | ADH | $1.815 | -18.2% | -29.9% |
Austin Engineering | ANG | $0.200 | -32.2% | -63.6% |
Appen | APX | $0.665 | -14.2% | -75.3% |
Accent Group | AX1 | $1.175 | -8.2% | -51.6% |
Bendigo and Adelaide Bank | BEN | $10.88 | -13.4% | -13.5% |
Boss Energy | BOE | $1.645 | -3.8% | -44.6% |
Car Group | CAR | $32.52 | -9.7% | -20.2% |
Canyon Resources | CAY | $0.175 | -18.6% | +16.7% |
Credit Corp Group | CCP | $12.92 | -11.1% | -27.6% |
Coronado Global Resources | CRN | $0.250 | -24.2% | -73.7% |
Cleanaway Waste Management | CWY | $2.50 | -10.1% | -10.7% |
Digico Infrastructure Reit | DGT | $2.35 | -16.7% | 0% |
Deterra Royalties | DRR | $3.81 | -8.6% | +6.4% |
EBR Systems | EBR | $1.070 | -19.2% | +3.9% |
Eureka Group Holdings | EGH | $0.475 | -8.7% | -20.8% |
EML Payments | EML | $0.880 | -6.4% | +32.3% |
Goodman Group | GMG | $28.83 | -15.0% | -21.1% |
Insurance Australia Group | IAG | $7.72 | -2.5% | -2.4% |
Ingenia Communities Group | INA | $5.12 | -8.9% | +3.0% |
IPD Group | IPG | $3.26 | -11.9% | -30.9% |
JB HI-FI | JBH | $95.99 | -16.1% | +10.1% |
Judo Capital Holdings | JDO | $1.475 | -9.5% | -24.7% |
Kogan.Com | KGN | $2.99 | -6.6% | -38.7% |
Kelly Partners Group Holdings | KPG | $8.58 | -17.4% | -4.7% |
Lendlease Group | LLC | $5.22 | -4.7% | -21.4% |
Macquarie Technology Group | MAQ | $59.05 | -11.7% | -34.2% |
Magellan Financial Group | MFG | $9.21 | -11.0% | -8.7% |
McMillan Shakespeare | MMS | $15.81 | -8.8% | +8.1% |
Metal Powder Works | MPW | $2.04 | -35.6% | -55.2% |
Monash IVF Group | MVF | $0.590 | -19.7% | -48.5% |
Nine Entertainment Co. Holdings | NEC | $1.100 | -8.7% | +35.6% |
Nufarm | NUF | $2.14 | -0.5% | -44.8% |
Netwealth Group | NWL | $27.00 | -16.5% | -11.0% |
News Corp. Class B | NWS | $44.22 | -3.1% | -9.8% |
Nuix | NXL | $1.860 | -34.3% | -71.4% |
Nextdc | NXT | $13.55 | -16.7% | -20.4% |
Orthocell | OCC | $0.980 | -26.3% | +53.1% |
Objective Corp. | OCL | $17.09 | -10.3% | -5.6% |
Pro Medicus | PME | $251.14 | -12.5% | +22.6% |
Premier Investments | PMV | $17.19 | -3.8% | -32.8% |
Pinnacle Investment Management | PNI | $15.93 | -17.4% | -24.4% |
Polynovo | PNV | $1.130 | -10.0% | -45.1% |
Perpetual | PPT | $18.11 | -14.9% | -11.1% |
REA Group | REA | $195.01 | -10.8% | -20.6% |
Reece | REH | $10.69 | -8.9% | -55.6% |
Reliance Worldwide Corp. | RWC | $3.85 | -2.0% | -28.4% |
Seek | SEK | $24.62 | -9.7% | -3.1% |
The Star Entertainment Group | SGR | $0.083 | -9.8% | -69.8% |
Sonic Healthcare | SHL | $20.89 | -3.2% | -20.8% |
Select Harvests | SHV | $3.51 | -8.8% | -5.9% |
Superloop | SLC | $2.42 | -26.0% | +26.7% |
Washington H. Soul Pattinson | SOL | $35.94 | -4.8% | +5.4% |
Spark New Zealand | SPK | $1.935 | -7.9% | -29.6% |
Suncorp Group | SUN | $18.94 | -4.0% | +2.0% |
Sovereign Metals | SVM | $0.515 | -31.3% | -29.5% |
Turaco Gold | TCG | $0.410 | -13.7% | +51.9% |
Technology One | TNE | $29.26 | -25.7% | +9.6% |
Treasury Wine Estates | TWE | $5.67 | -9.7% | -47.7% |
Virgin Australia Holdings | VGN | $3.06 | -12.8% | 0% |
WA1 Resources | WA1 | $15.05 | -25.6% | +12.7% |
Web Travel Group | WEB | $4.00 | -5.4% | -7.0% |
Wesfarmers | WES | $79.96 | -9.2% | +16.6% |
Xero | XRO | $118.25 | -23.5% | -26.8% |
Block | XYZ | $89.82 | -22.7% | -31.8% |
Zip Co. | ZIP | $2.94 | -36.2% | -11.2% |
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: Amaero (ASX: 3DA), Audinate Group (ASX: AD8), Adairs (ASX: ADH), Accent Group (ASX: AX1), Bendigo and Adelaide Bank (ASX: BEN), Car Group (ASX: CAR), Coronado Global Resources (ASX: CRN), Cleanaway Waste Management (ASX: CWY), Digico Infrastructure Reit (ASX: DGT), Goodman Group (ASX: GMG), Insurance Australia Group (ASX: IAG), JB HI-FI (ASX: JBH), Judo Capital Holdings (ASX: JDO), Kogan.Com (ASX: KGN), Lendlease Group (ASX: LLC), Macquarie Technology Group (ASX: MAQ), McMillan Shakespeare (ASX: MMS), Netwealth Group (ASX: NWL), News Corp. Class B (ASX: NWS), Nuix (ASX: NXL), Nextdc (ASX: NXT), Pro Medicus (ASX: PME), Premier Investments (ASX: PMV), Pinnacle Investment Management (ASX: PNI), Perpetual (ASX: PPT), REA Group (ASX: REA), Seek (ASX: SEK), Select Harvests (ASX: SHV), Superloop (ASX: SLC), Spark New Zealand (ASX: SPK), Suncorp Group (ASX: SUN), Technology One (ASX: TNE), Treasury Wine Estates (ASX: TWE), WA1 Resources (ASX: WA1), Wesfarmers (ASX: WES), Xero (ASX: XRO), Block (ASX: XYZ), Zip Co. (ASX: ZIP).
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!!!
