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Need 4 Speed - ASX Report - 11/10/22

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

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

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

(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)

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