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:PLS - Pilbara Minerals Ltd - BEARISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
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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.
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Bearish divergence on the RSI vs price action – indicating we’re in for a bearish move potentially in the short term.
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PLS rallying primarily on record-level lithium prices driving the stock price higher.
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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
ASX Key Events Calendar (TODAY)
Economic Key Events (TODAY)
Economic Key Events (YESTERDAY)
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
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 LOWER (lower oil) & Materials LOWER on overall lower base metal prices.
Global Markets Headlines
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‘This is serious’: JPMorgan’s Jamie Dimon warns U.S. likely to tip into recession in 6 to 9 months (CNBC)
- 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)
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Fed’s Brainard Says Rate Rises Will Slow Economy Over Time (WSJ)
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Russia Unleashes Its Biggest Barrage of Strikes on Ukraine Since Invasion (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
