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 (short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Lithium carbonate at all time high record and continues to go higher
- Macquarie Bank has upgraded lithium stocks higher, adding to positivity
- On flip side, technicals suggesting a potential short term downward movement based on RSI / momentum slowing down (something to monitor).
- Price is also at a key weekly resistance, failing to break and forming a triple top (bearish chart pattern)
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Is Mark Zuckerberg’s metaverse vision burdening Meta shares?
Podcast of the Day: Portfolio manager Michael Kao’s dollar wrecking ball theory
APAC Daily Report
Market Snapshot & Highlights as of 8:00am AEDT
Global Markets Headlines
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)