G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Azeem Sheriff - @Azeem__Sheriff
Tina Teng - @Tinateng_CMC
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Trading Idea of the Day
NYSE:OXY - Occidental Petroleum Corp - (BULLISH - long term & BULLISH - short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Price is near the 200 moving day average and at a key support level on the daily chart.
- With oil expected to go higher to $110/barrel per reports from major investment banks, we could see a potential bullish move to the upside from oil stocks.
U.S. crude oil slumped last week as data showing a stronger-than-expected rise in U.S. service sector conditions amplified concerns that the Federal Reserve would continue its policy of aggressive interest rate increases.
Investors also weighed the implementation of a $60/bbl price cap on Russian oil by the U.S., European Union and others that could add more volatility to global oil markets.
Enbridge ENB, ENB and Occidental Petroleum's OXY Oxy Low Carbon Ventures unit said Wednesday that they signed a letter of intent to consider the development of a carbon dioxide pipeline transportation and sequestration facility in the Corpus Christi area of the Texas Gulf Coast.
The Canadian pipeline operator would develop, construct, and operate the pipeline facilities, while the US oil and gas company's subsidiary would develop, construct, and operate the sequestration facilities, the companies said.
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: Ark Innovation ETF cuts 26 holdings
Podcast of the Day: The Lead-Lag Report’s Michael Gayed on this year’s treasury anomaly
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 HIGHER (higher oil prices) & Materials LOWER on overall lower base metal prices.
Global Markets Headlines
Trust between the West and Russia has been destroyed, NATO chief says (CNBC)
Microsoft buys near 4% stake in London Stock Exchange as part of 10-year cloud deal (CNBC)
Goldman and Bank of America see copper soaring to record highs (CNBC)
Inflation has peaked — but it’s not returning to pre-Covid levels in 2023, Mastercard says (CNBC)
Southeast Asian markets are in for a ‘bungee jump’ in 2023, says JPMorgan (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)