X

Select the account you'd like to open

Newsletter

Need 4 Speed Read - ASX Report - 29/11/22

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: 

Azeem Sheriff -  
Tina Teng -
CMC Markets ANZ - 
CMC Markets Singapore -
CMC Markets Canada - 

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


ASX Key Events Calendar (TODAY)

Economic Key Events (TODAY)

Economic Key Events (YESTERDAY)

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


EXPECTATIONS: Energy MIXED (mixed oil prices) & Materials HIGHER on 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.

Sign up for market update emails