G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Azeem Sheriff - @Azeem__Sheriff
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Trading Idea of the Day
ASX:PLS - Pilbara Minerals Ltd - BEARISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
PLS is currently in overbought conditions, so we could expect a sell-off from current levels to 4.5 or 3.5, then a potential buy opportunity for long-term investors.
Bearish divergence on the RSI vs price action – indicating we’re in for a bearish move potentially in the short term.
PLS rallying primarily on record-level lithium prices driving the stock price higher.
With uncertainty around China, we could see lithium demand weaken, dropping the price lower to those key levels, back towards the moving average indicators.
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Slowing demand in Q3 could put pressure on the TSMC share price
Podcast of the Day: Tidal Financial CIO Michael Venuto on the ETF industry
APAC Daily Report
Market Snapshot & Highlights as of 7am AEST
Global Markets Headlines
- Fed’s Evans says fighting inflation is the top priority even if that means job losses (CNBC)
- Bank of England strengthens emergency stimulus to help ease market turmoil (CNBC)
- GM and Ford shares fall after UBS downgrades on expectations for weakening demand (CNBC)
- Chinese chip stocks tumble after U.S. calls for new curbs on high-end tech (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)