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Need 4 Speed - ASX Report - 10/10/22

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 NextGen platform and follow us on Twitter: 

Azeem Sheriff - @Azeem__Sheriff 
CMC Markets - @CMCMarketsAUSNZ

Trading Idea of the Day

NYSE:OXY - Occidental Petroleum Corp - BULLISH BIAS

  • Key levels on the chart - consider taking trades from key support/resistance zones.
  • Occidental Petroleum is a US oil giant focused predominantly on shareholder returns through dividends, share buybacks and debt repayment.
  • Sky high oil prices and tight supply make oil an appealing investment, with OPEC+ reducing global oil supply by 2 million barrels per day, creating higher demand with lower supply, sending oil prices higher with the aim to place a restrictive floor around the $80 mark.

  • A decade of low oil prices of ever-increasing ESG concerns has caused a structural undersupply of fossil fuels. Conflict in Eastern Europe has put further pressure on oil supply across Europe.

  • Increased oil and gas pricing globally has made Occidental a cash printing machine in 2022.​

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: IBM shares flat on $20bn plan to support US chipmaking
Podcast of the Day: Tidal Financial CIO Michael Venuto on the ETF industry

APAC Daily Report

Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC

Market Snapshot & Highlights as of 7am AEST

EXPECTATIONS: Energy HIGHER (higher oil) & Materials LOWER on 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)


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