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Need 4 Speed Read - ASX Report - 13/12/22

ASX trading

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: 

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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 ENBENB 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



 

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
 

(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.

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