Key Momentum Shifts

  • Two Stocks Remain in Leading: Dicker Data (DDR) and Data#3 (DTL) occupy the Leading quadrant.
  • Dicker Data and Data#3 Show Strongest Momentum: Both stocks are positioned firmly in the upper-right quadrant, indicating positive relative strength and momentum.
  • Codan Nears Leading: Codan (CDA) is positioned almost directly on the horizontal RRG midpoint, placing it at the boundary of Leading and Weakening.
  • Five Stocks Remain Lagging: Iress (IRE), Megaport (MP1), Macquarie Technology (MAQ), NEXTDC (NXT) and TechnologyOne (TNE) remain below the horizontal RRG midpoint.
  • WiseTech Global and Xero Are in Weakening: WTC and XRO retain relatively stronger positions on the horizontal axis but have negative momentum.
  • Megaport Records the Strongest Daily Gain: MP1 advanced 4.11%, the best daily performance among the 10 stocks, despite remaining in Lagging.
  • Xero Records the Weakest Performance: XRO declined 1.66%, making it the weakest daily performer.

The latest Relative Rotation Graph for 4 September 2026 shows a highly selective momentum structure across the selected ASX technology stocks. Dicker Data and Data#3 are positioned in Leading, while Iress, Megaport, Macquarie Technology, NEXTDC and TechnologyOne remain in Lagging. WiseTech Global and Xero occupy Weakening, while Codan is positioned close to the Leading boundary. This reflects the distinction between daily price performance and relative momentum highlighted by the reference article.

Momentum Breakdown by Quadrant

Technology Sector Relative Momentum Chart (at the closing price of 03/09/2026). Powered by: amibroker.com.

Leading Quadrant

Dicker Data (DDR) and Data#3 (DTL) are positioned in the Leading quadrant.

Dicker Data occupies a strong position in the upper-right portion of the RRG, indicating positive relative strength and momentum. The stock gained 2.00% on 4 September, providing additional confirmation of its constructive short-term performance.

Data#3 also remains firmly positioned in Leading. It gained 2.04% during the session and is located well above the horizontal midpoint. Its RRG position indicates established relative momentum compared with most of the selected technology stocks.

The continued positioning of DDR and DTL in Leading makes them the clearest momentum leaders within the current technology-stock group.

Codan Nears the Leading Boundary

CDA finished the session down 0.41%, but its RRG position remains close to the boundary between the upper-right and lower-right quadrants.

This is an important distinction between daily performance and relative momentum. Although CDA recorded a small decline, its position on the RRG suggests that the stock remains relatively strong compared with several other technology stocks.

A sustained move above the horizontal midpoint would provide confirmation of a transition into Leading, while movement back below the midpoint would indicate renewed weakening momentum.

Lagging Quadrant

Megaport recorded the strongest daily performance in the group, gaining 4.11%. Despite this substantial advance, its position remains below the horizontal midpoint, indicating that its broader relative momentum has yet to recover sufficiently.

Iress gained 2.72%, while NEXTDC rose 2.55% and Macquarie Technology advanced 2.06%. These strong daily gains suggest renewed short-term buying interest, but their RRG positions indicate that the recovery remains at an early stage.

TechnologyOne was comparatively subdued, gaining just 0.10%. Its position close to the vertical midpoint suggests that further movement toward the upper-left and then upper-right would be needed to establish a stronger recovery signal.

The divergence between daily returns and RRG positioning is particularly important for this group. Strong one-day gains do not automatically result in an Improving classification because the RRG measures relative momentum over a broader period.

Weakening Quadrant

WiseTech Global gained 2.53% on 4 September, yet remains below the horizontal midpoint. Its location indicates that the stock retains relatively strong relative strength compared with some lagging technology stocks, but momentum has deteriorated.

Xero recorded the weakest daily performance in the group, falling 1.66%. Its RRG position remains in Weakening, reflecting a combination of relatively strong positioning on the horizontal axis and negative momentum.

For both stocks, a sustained move upward across the horizontal midpoint would provide evidence of renewed positive momentum. Conversely, continued movement toward the lower-left would increase the risk of a transition into Lagging.

Bottom Line

The latest RRG indicates a selective and uneven momentum structure across the selected ASX technology stocks. Dicker Data and Data#3 remain the clearest leaders, with both positioned firmly in the Leading quadrant.

The more significant development is the absence of any stocks in Improving. Although several companies recorded strong daily gains, most remain in Lagging, suggesting that the broader recovery in technology-stock momentum is still developing.

Megaport recorded the strongest daily gain at 4.11%, followed by Iress at 2.72% and NEXTDC at 2.55%, but all three remain in Lagging. Meanwhile, WiseTech Global and Xero remain in Weakening, indicating that their relative momentum is losing strength.

Overall, the RRG points to established Leadership in DDR and DTL, emerging but unconfirmed recovery among several Lagging stocks, and continued momentum deterioration in WTC and XRO. The key development to watch is whether the Lagging group begins rotating upward into Improving. A sustained transition would provide stronger evidence that the current technology-stock rebound is developing into broader sector momentum. The reference article similarly emphasises monitoring movement toward the upper-right as confirmation of a more established recovery.