G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Trading Idea of the Day
ASX:HVN - Harvey Norman Holdings Ltd (BULLISH - long term & BEARISH - short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Harvey Norman's aggregated quarterly sales were negatively affected by depreciation in the euro, pound and NZ$
- The group flagged a major expansion into the Malaysian market, with plans to grow there from 28 to 80 stores by 2028.
Consensus is Moderate Buy.
Based on Morningstar’s fair value of $4.89 the stock appears to be undervalued.
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Global X Social Media Index ETF underperforms as ad spend falls
Podcast of the Day: Investment educator Brian Feroldi’s three principles for long-term investing
APAC Daily Report
Market Snapshot & Highlights as of 8:00am AEDT
Global Markets Headlines
- Bitcoin could plunge 70% to $5,000, Standard Chartered predicts, in possible 2023 ‘surprise’ (CNBC)
- iPhone maker Foxconn’s revenue slumps after Covid outbreak, unrest at China plant (CNBC)
- Chinese stocks rally on reopening hopes; Morgan Stanley upgrades to overweight (CNBC)
- Oil prices rose as much as 2% on hopes of China’s reopening and as OPEC+ maintains output targets (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)