In today’s update, the Uptrends Scan List has rebounded to nine stocks, a significant improvement from last Thursday, where only two were noted. It is crucial to emphasise that quality remains paramount over sheer numbers. Each trend is meticulously selected, ensuring only the most robust uptrends and downtrends from the ASX are featured. Interestingly, the ASX 200 index has exhibited a solid recovery over the past two weeks, stemming from previous downturns linked to the Trump Trade War, yet a surprising number of stocks remain in uptrend.
Among the notable returns is Telix Pharmaceuticals (TLX), previously absent since late March, alongside Catalyst Metals (CYL), which often appears with 42 mentions. Energy One (EOL) is also highlighted as a recent strong contender in the 11-featured uptrends.
On a positive note, the Downtrends Scan List remains limited, showcasing just six stocks, arguably one of the sparsest listings encountered. Prominent names among the underperformers include Coronado Global Resources (CRN), with an alarming 50 appearances on the downtrend list, alongside Lendlease (LLC) and IDP Education (IEL).
It’s worth mentioning that while the Commonwealth Bank of Australia (CBA) has recently shifted off the uptrends list, CRN’s distressing trend reaction indicates a need for a more cautious approach given its history of losses for investors.
The ChartWatch series is dedicated to delivering this curated technical analysis, assisting in identifying the leading uptrends and downtrends on the ASX. Investors often leverage these insights for potential buying opportunities or to avoid or short-sell stocks in clear downtrends, although individual discretion in application is advised.
Both lists feature stocks with past appearances as long as they meet the selection criteria. Conversely, it remains the responsibility of the investor to monitor any shifts in trends.
Uptrends Scan List
- Charter Hall Retail Reit (CQR) – $3.74 (+6.9% monthly).
- Catalyst Metals (CYL) – $6.56 (+42.6% monthly).
- Energy One (EOL) – $11.89 (+14.3% monthly).
- Fleetwood (FWD) – $2.69 (+19.6% monthly).
- IVE Group (IGL) – $2.47 (+2.9% monthly).
- Pantoro (PNR) – $3.05 (+8.7% monthly).
- SRG Global (SRG) – $1.29 (+12.2% monthly).
- Saturn Metals (STN) – $0.325 (+14.0% monthly).
- Telix Pharmaceuticals (TLX) – $28.56 (-2.2% monthly).
Downtrends Scan List
- Coronado Global Resources (CRN) – $0.225 (-36.6% monthly).
- IDP Education (IEL) – $8.15 (-14.9% monthly).
- Lendlease Group (LLC) – $5.22 (-15.5% monthly).
- The Star Entertainment Group (SGR) – $0.105 (-8.7% monthly).
Investors should remember that market conditions can change quickly, influencing the trends listed here. Continuous personal research is crucial for understanding subsequent movement in these stocks.