ASX Trends: CSL, MIN and MTS Slide as APA, NST and TLS Show Relative Strength

Highlights:

• CSL, Mineral Resources, and Metcash moved sharply lower in the wake of a broader market downturn.

• APA Group, Northern Star Resources, and Telstra maintained technical uptrends despite overall weakness.

• Declines were filtered to exclude inconsistent candlestick patterns following a volatile session.

CSL Limited, a major healthcare and biotechnology firm, featured prominently among stocks trending lower. The company’s chart showed a breakdown in price structure during the latest trading session, reflecting broader weakness across the sector. However, candlestick formations with downward-pointing shadows indicated that intraday buying pressure partially offset earlier declines.

This partial recovery meant that many healthcare names closed well off their session lows, muting the number of stocks meeting the strict downtrend scan criteria. Nonetheless, CSL’s prevailing short-term trend has clearly shifted to the downside, aligning it with several other stocks in the sector that experienced similar chart patterns.

Resource Sector Faces Strong Supply Pressure

Mineral Resources and Chalice Mining, both resource-focused companies, displayed pronounced downward movements. The decline in Mineral Resources followed an extended period of consolidation, culminating in a sharp move lower. Similarly, Chalice Mining presented a breakdown from a previously established range.

Other resource names such as Coronado Resources and Core Lithium also appeared on the downtrend list, indicating broad-based supply-side activity within the sector. However, specific chart formations, such as lower wicks or white-bodied candles, meant that many potential entries were filtered out in line with the scan’s methodology.

Northern Star Resources stood out for maintaining an uptrend. The gold miner’s chart remained structurally intact, aided by underlying strength in the precious metals segment. Its inclusion in the uptrend scan was further reinforced by consistently bullish candles during the session.

Telecommunications and Utilities Hold Up

Telstra Group and APA Group exhibited steady technical performance, placing them among the few stocks to maintain upward momentum. Despite general market volatility, Telstra’s chart showed continued strength, with a series of higher lows supporting the trend.

APA Group, operating in the utilities sector, also maintained its uptrend. The chart revealed no major breakdowns and showed sustained demand. Utilities often serve as defensive plays during volatile periods, and this was reflected in APA’s relative stability.

Both companies demonstrated technical resilience by avoiding patterns associated with supply-side control, including the absence of long upper shadows or bearish engulfing formations.

Retail and Agriculture Under Pressure

Metcash and Elders experienced notable downward movement. Metcash’s chart reflected a reversal from a previously stable trend, now showing breakdown signals. Elders also appeared in the downtrend scan following several sessions of weakness in agricultural stocks.

Despite the severity of the broader market decline, not all stocks in these sectors made the final scan list. Only those with chart structures clearly aligned with the scan’s criteria were included. Key filters, such as excluding candles inconsistent with trend continuation, limited the total number of names featured.

Technology and Energy Stocks Continue to Slide

Technology and energy-related names, including Appen, Novonix, and Weebit Nano, appeared consistently across recent downtrend scans. The charts for these stocks reflected clean breaks of support zones and persistent downward momentum.

Energy names such as Alligator Energy and Calix also showed continued weakness. Their inclusion was based on the alignment of recent price action with broader supply-dominant trends. Notably, the scans excluded any charts displaying signs of potential intraday recovery, as seen in several names that ultimately closed above session lows.

Gold ETF and Storage Firm Among Gainers

The Vaneck Gold Bullion ETF posted an upward trend consistent with recent strength in the gold market. This movement aligned with the broader positive sentiment in precious metals, which also benefited Northern Star Resources.

Abacus Storage King was another name on the uptrend scan, with its chart structure reflecting demand persistence. The stock’s price maintained higher highs and higher lows, supported by bullish candles.

Only a limited number of names qualified for the day’s uptrend list, emphasizing the strict application of technical criteria that exclude setups with ambiguous or inconsistent price action.