Key Momentum Shifts

  • Eight Stocks Remain in Leading: Whitehaven Coal (WHC), New Hope Corporation (NHC), Yancoal Australia (YAL), Ampol (ALD), Viva Energy (VEA), Tamboran Resources (TBN), Paladin Energy (PDN) and Beach Energy (BPT) are positioned in the Leading quadrant.
  • Whitehaven and New Hope Show Strongest Momentum: WHC and NHC occupy the strongest upper-right positions on the RRG.
  • Yancoal Remains Strong: Yancoal Australia (YAL) remains firmly positioned in Leading, although its trajectory indicates some moderation in momentum.
  • Ampol and Viva Energy Remain Leading: ALD and VEA retain positive relative momentum despite sitting closer to the centre of the RRG.
  • Tamboran Remains in Leading: Tamboran Resources (TBN) is positioned above the horizontal midpoint, confirming positive momentum.
  • Paladin and Beach Energy Remain Leading: PDN and BPT continue to hold positions consistent with positive relative momentum.
  • Santos Moves into Weakening: Santos (STO) is positioned below the horizontal midpoint while retaining positive relative strength, indicating deteriorating momentum.
  • Woodside Also Remains Weakening: Woodside Energy (WDS) is below the momentum midpoint, making it the second stock in the Weakening quadrant.
  • No Stocks in Improving or Lagging: The selected Energy stocks are concentrated entirely in Leading and Weakening, highlighting a strong but increasingly differentiated momentum structure.

The latest Relative Rotation Graph for 7 September 2026 shows a highly concentrated momentum structure across the selected ASX Energy stocks. Eight of the 10 stocks are positioned in Leading, while Santos and Woodside remain in Weakening. No stocks are currently located in either Improving or Lagging.

Momentum Breakdown by Quadrant

Energy Sector Relative Momentum Chart (at the closing price of 07/09/2026). Powered by: amibroker.com.

Leading Quadrant

Whitehaven Coal (WHC) and New Hope Corporation (NHC) occupy the strongest positions within the Leading quadrant. Both stocks are positioned well into the upper-right portion of the RRG, indicating strong relative strength combined with positive momentum.

Whitehaven's position is particularly notable because its trajectory remains well above the horizontal midpoint and toward the right side of the chart. New Hope displays a similarly strong positioning, confirming that the coal-related stocks remain among the strongest momentum names within the selected Energy universe.

Yancoal Australia (YAL) also remains in Leading. Its position is further from the upper-right extreme than WHC and NHC, suggesting that while momentum remains positive, its relative momentum is less pronounced than the strongest leaders.

Ampol (ALD) and Viva Energy (VEA) remain above the horizontal midpoint and within Leading. Their positions indicate that both stocks continue to maintain positive momentum relative to the selected Energy group.

Tamboran Resources (TBN) is also positioned in Leading, although relatively close to the horizontal midpoint. Its position indicates that momentum remains positive, but the stock would need to continue moving upward and toward the right to establish a stronger Leading position.

Paladin Energy (PDN) and Beach Energy (BPT) complete the Leading group. Both remain above the momentum midpoint, confirming that their relative momentum is currently positive.

The concentration of eight stocks in Leading represents a strong momentum structure. However, their varying distances from the centre indicate that Leadership is not equally strong across all eight stocks.

Weakening Quadrant

Santos (STO) is positioned in the Weakening quadrant, below the horizontal midpoint but still to the right of the vertical axis.

This positioning indicates that Santos retains positive relative strength compared with the broader Energy-stock group, but its momentum has deteriorated. The stock therefore remains relatively strong but is no longer displaying the momentum characteristics associated with Leading.

Woodside Energy (WDS) is also positioned in Weakening. Its location below the horizontal midpoint indicates negative momentum, although it remains on the positive side of the relative-strength axis.

The positions of STO and WDS are important because both stocks are major components of the Energy universe, yet neither currently confirms the same momentum strength displayed by the eight stocks in Leading.

A sustained move back above the horizontal midpoint would provide an early signal of renewed positive momentum. Conversely, continued movement toward the lower-left would increase the risk of a transition into Lagging.

Bottom Line

The latest Energy-stock RRG shows a strongly concentrated momentum structure, with eight of the 10 selected stocks positioned in Leading. Whitehaven Coal and New Hope Corporation occupy the strongest positions, followed by Yancoal Australia and several other stocks maintaining positive momentum.

The key negative development is the positioning of Santos and Woodside Energy in Weakening. Both retain positive relative strength but are experiencing deteriorating momentum. Their movement back above the horizontal midpoint would be required to signal renewed momentum.

The absence of stocks in both Improving and Lagging reinforces the highly concentrated nature of the current momentum structure. Overall, the RRG continues to favour the majority of the selected Energy stocks, although the transition of Santos and Woodside into Weakening suggests that momentum leadership is beginning to become more selective.