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Need 4 Speed - ASX Report - 17/10/22

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:TSLA - Tesla Inc - BULLISH BIAS (long term)

  • Key levels on the chart - consider taking trades from key support/resistance zones.
  • After Tesla's stock split, the down-trending stock has continued to decline since peaking at the start of 2022.
  • A high-interest rate environment and an upcoming economic recession has been hampering the company's future cash flows which affects its present value, therefore affecting its stock price.
  • Being one of the most traded stocks, this presents opportunities for both short-term traders and long-term investors and opportunity to potentially short the stock in the near term, but look for potential buying opportunities in the long term, depending on your view.
  • This week, we also have Tesla's earnings Q3 report due which will highlight how the company fared in Q3 and what their forward guidance will be for Q4 and beyond, presenting any challenges and how the Tesla boss aims to navigate through this uncertain environment.

  • On a positive note, Tesla's sales in China have continued to increase significantly, despite China's current uncertain economic situation, hitting record levels in Shanghai after its factory upgrade (Reuters)

  • Given we're near a key support level on the daily chart, there's a possibility we may see some short covering to push the price back higher before continuing to sell back down. If earnings and more importantly forward guidance is poor, we could see a break of this key support zone around $200, where price can retest that decending trendline.

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: Apple and Spotify shares mixed after TikTok’s music expansion
Podcast of the Day: Discipline Funds CIO Cullen Roche on finding opportunities in a bear market

APAC Daily Report

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

Market Snapshot & Highlights as of 8am AEST

EXPECTATIONS: Energy LOWER (lower oil) & Materials LOWER on overall commodity 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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