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:MPL - Medibank Private Ltd - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
Recent cyber attack saw the share price drop around 20%, after CEO confirmed breach of customer data but also confirmed FY 23 forward guidance on customer outlook reduced making this stock quite undervalued.
Company is an insurance company and the overall business is still quite strong and generally tends to weather a recessionary environment quite well due to its pricing power, ability to pass on costs to customers.
The stock offers a great technical setup on a weekly chart, playing the range and nearing the bottom of that range, great risk to reward for any bullish traders/investors.
Company also pays a relatively stable/decent dividend of around 4.5%
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Can Aston Martin stock reverse its downtrend amid losses?
Podcast of the Day: Doomberg on Nord Stream sabotage and monetary mayhem
APAC Daily Report
Market Snapshot & Highlights as of 7:30am AEDT
Global Markets Headlines
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)