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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
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
Bitcoin drops to a new low for the year, FTX token loses 80% in broad crypto sell-off (CNBC)
Binance offers to buy FTX’s non-U.S. operations to fix ‘liquidity crunch’ (CNBC)
U.S. likely headed for mild recession in 2023, former Boston Fed President Eric Rosengren says (CNBC)
Musk reportedly considers locking all of Twitter behind a paywall (CNBC)
Renault and Google team up to develop a ‘software defined’ vehicle (CNBC)
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)
Disclaimer: CMC Markets is an order execution-only service. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.
