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:PLS - Pilbara Minerals Ltd (BEARISH - short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- There is strong bearish momentum to sell off the significantly overbought lithium stocks as per momentum indicators.
- S&P Global says lithium prices are lacking momentum for further increases.
- Chinese lithium carbonate spot prices have fallen 2.5 - 3% over last 2-3 weeks. Falling even further this week.
- Pilbara Minerals and Allkem sold off on rather heavy volumes last Friday from drop in lithium prices.
- China protests adding more fuel to the fire, so no positivity arose out of that.
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Futu and Baidu share prices rise after posting robust revenues
Podcast of the Day: Michael Loukas of TrueMark on why diversification isn’t always key
APAC Daily Report
Market Snapshot & Highlights as of 8:00am AEDT
Global Markets Headlines
- Crypto firm BlockFi files for bankruptcy as FTX fallout spreads (CNBC)
- Disney hiring freeze will stay in place, CEO Bob Iger tells employees (CNBC)
- Anti-lockdown protests showing ‘extraordinary’ breadth across China (CNBC)
- China protests send global stocks lower as strategists see Covid disruption persisting (CNBC)
- China might not make major changes to its Covid policy any time soon, despite weekend protests (CNBC)
- UK property demand slides 44% after market-rocking mini-budget (CNBC)
- BlockFi Files for Bankruptcy as Latest Crypto Casualty (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)