G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
For real-time up-to-date data/news/research/ideas/strategies, check out our insights panel on the CMC Markets Invest platform and follow us on Twitter:
Azeem Sheriff - @Azeem__Sheriff
Tina Teng - @Tinateng_CMC
CMC Markets ANZ - @CMCMarketsAUSNZ
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CMC Markets Canada - @CMCMarkets_CA
Trading Idea of the Day
ASX:PLS - Pilbara Minerals Ltd - BEARISH BIAS (short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Lithium carbonate at all time high record and continues to go higher
- Macquarie Bank has upgraded lithium stocks higher, adding to positivity
- On flip side, technicals suggesting a potential short term downward movement based on RSI / momentum slowing down (something to monitor).
- Price is also at a key weekly resistance, failing to break and forming a triple top (bearish chart pattern)
ASX & Economic Key Events
ASX Key Events Calendar (TODAY)
Economic Key Events (TODAY)
Economic Key Events (YESTERDAY)
OPTO For Investors Research
Article of the Day: Is Mark Zuckerberg’s metaverse vision burdening Meta shares?
Podcast of the Day: Portfolio manager Michael Kao’s dollar wrecking ball theory
APAC Daily Report
Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC
Market Snapshot & Highlights as of 8:00am AEDT
EXPECTATIONS: Energy LOWER (lower oil prices) & Materials HIGHER on overall higher base metal prices.
Global Markets Headlines
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Bitcoin drops to a new low for the year, FTX token loses 80% in broad crypto sell-off (CNBC)
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Binance offers to buy FTX’s non-U.S. operations to fix ‘liquidity crunch’ (CNBC)
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U.S. likely headed for mild recession in 2023, former Boston Fed President Eric Rosengren says (CNBC)
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Musk reportedly considers locking all of Twitter behind a paywall (CNBC)
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Renault and Google team up to develop a ‘software defined’ vehicle (CNBC)
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China’s Covid controls are hurting more of the economy (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
