The Bulls Are Back: Buy These 3 ASX Stocks Now

Last Friday saw trading volumes surge across the Australian share market, and that usually means one thing: the bulls are back, setting the stage for a potentially massive run into June. With momentum building across multiple sectors, three ASX-listed stocks have caught the attention of Wealth Within's analysts and deserve a place on every serious investor's watchlist.

In the latest episode of the Hot Stock Tips Show, Wealth Within's Filip Tortevski and senior analyst Pedro Banales unpack three handpicked ASX stocks that are showing strong technical and fundamental signals heading into the second half of 2026.

1. Elevra Lithium Limited (ELV)

Elevra Lithium Limited is firmly in the spotlight as global lithium dynamics shift in its favour. From a fundamental perspective, ELV's North American critical minerals exposure is significant. With Canada and the United States increasingly focused on securing domestic battery supply chains, alongside rare earths and other critical resources, ELV is becoming strategically important within that ecosystem.

The lithium price itself remains a key driver. ELV's price action closely mirrors the underlying commodity, so any sustained recovery in lithium into 2027 could deliver substantial earnings leverage.

What the Charts Are Saying

Looking at the monthly chart, ELV has shifted away from the speculative, erratic price action that characterised it in earlier years. Wider trading ranges, more consistent bar formations, and clearer market depth all point to improved liquidity, which is exactly what investors want to see in a stock recovering from a long downtrend.

ELV has already rallied around 200% from its June 2025 low, mirroring moves we have seen earlier from peers like Pilbara Minerals and Liontown Resources. Anything above the $14 level could represent a sound continuation entry, with $16 to $20 worth watching as a near-term zone of potential turbulence.

If the lithium recovery holds, ELV could realistically push into the $30 to $40 region in the medium term, with a best-case scenario taking it back toward the $60 to $70 highs we have seen historically. A break below $8 would change the bullish thesis.

Importantly, volumes since September 2025 have lifted significantly and are now sitting at their highest levels in years on recent pullbacks, which adds further weight to the bullish case.

2. New Hope Corporation (NHC)

The second stock on the list is New Hope Corporation, a thermal coal producer with strong leverage to global energy demand. Coal pricing remains the biggest single driver of the company's earnings. If thermal coal stays elevated due to ongoing Asian demand and energy security concerns, profits could remain stronger than the market expects.

The company's New Acland production is another key catalyst. As volumes ramp up in line with expectations, the project could materially boost cash flow and valuations over the next year.

Technical Outlook for NHC

The monthly chart for NHC offers a wealth of data going back to 2004, capturing both major uptrends and downtrends. This makes it ideal for backtesting strategies and understanding how the stock behaves through full market cycles.

NHC has clearly broken its downward momentum and appears to be in a new sustained uptrend. The $3.60 level acted as significant long-term support, and the bounce from that zone has now translated into stronger upward momentum.

Volume analysis adds further conviction. Volume is expanding on up moves and contracting on pullbacks, signalling that sellers are not committed to driving the price lower. With India and other developing nations remaining major importers of thermal coal, NHC is well positioned to benefit from sustained energy sector momentum.

3. Pro Medicus (PME)

Pro Medicus, the Australian healthcare technology darling, has just delivered two major announcements in a single day. The company secured a new seven-year contract worth $16 million with US healthcare provider Tidal Health, who will use PME's full cloud-based imaging platform, including its cardiology solution.

This is meaningful for shareholders because it adds long-term recurring revenue, strengthens the company's foothold in the US market, and demonstrates that customers are increasingly adopting more of PME's product suite, rather than just a single solution.

On top of that, Pro Medicus also renewed its contract with Allegheny Health Network for another five years worth $28 million, while expanding the relationship to include its workflow software. Existing customers are not only staying with PME, they are spending more, which reinforces the company's strong recurring revenue model.

Where the Chart Sits Right Now

PME has just come off a serious correction, falling roughly 68% from its $330 highs before bouncing on long-term momentum support. Stocks that go through this kind of revaluation, or what we prefer to call a "move back to trend", often present some of the most attractive opportunities for technically minded investors.

PME is currently trading in the $140 to $158 region after gapping up on the news. While trading on the day of a news release can be risky, the stock is now testing a key momentum line that will likely determine its next major move. A confirmed break to the upside opens the door to a target of $200 in the short to medium term, with potential to push toward $280 if healthcare sector momentum builds.

A break below approximately $115 would suggest the downtrend has more to play out, similar to what we have seen with CSL recently. Patience and confirmation are key on this one.

How to Identify Opportunities Like These

The common thread across all three of these stocks is the importance of trend, volume, and timing. Many investors make the mistake of trying to pick the bottom of a falling stock, only to find themselves catching a falling knife. The smarter approach is to wait for the trend to confirm itself and then enter once the stock is showing genuine signs of recovery.

This is exactly the kind of analysis we teach our students at Wealth Within. Through our share trading education, students learn how to identify high-probability setups, manage risk effectively, and trade with confidence in any market condition.

Whether you are new to the market and looking to build strong foundations through the Short Course in Share Trading, ready to take a comprehensive approach with the Diploma of Share Trading and Investment, or seeking to refine your skills with our Advanced stock trading course, we have a pathway to suit every level of trader.

Final Thoughts

With trading volumes surging and momentum returning to multiple sectors of the ASX, the conditions look increasingly favourable for a strong run into June. Elevra Lithium, New Hope Corporation, and Pro Medicus each represent distinct opportunities across the lithium, energy, and healthcare technology themes.

As always, the key is not just identifying the right stocks, but knowing when to enter, when to hold, and when to exit. With the right education and a structured trading plan, you can take advantage of moves like these with far greater certainty than the average investor.

Disclaimer: This article is general in nature and does not constitute personal financial advice. Always conduct your own research or consult a licensed adviser before making investment decisions.