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Need 4 Speed Read - ASX Report - 20/12/22

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 Invest platform and follow us on Twitter: 

Azeem Sheriff - @Azeem__Sheriff 
Tina Teng - @Tinateng_CMC
CMC Markets ANZ - @CMCMarketsAUSNZ
CMC Markets Singapore - @CMCMarketsSG
CMC Markets Canada - @CMCMarkets_CA

Trading Idea of the Day

ASX:ABC - Adbri Ltd - (BULLISH - long term & BEARISH - short term)

  • Key levels on the chart - consider taking trades from key support/resistance zones. 
  • Bearish divergence on RSI (monthly chart).
  • MACD suggesting bearish momentum but slowing down.
  • Price is at a major key support level not seen since 2009 (21yrs).
  • Morgan Stanley says Adbri is a  stock most likely to suffer due to weather problems, unless this changes in the near term.
  • Morgan Stanley expects market conditions for construction to deteriorate further in 2023.
  • Morgan Stanley issued the following price target: Adbri: $1.60 (“expected to range trade until we see evidence of earnings stability and certainty on a long-run CEO.”)

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: What does a $3.6bn stock sale mean for Tesla’s future?

Podcast of the Day: Pedro Palandrani on Global X’s Long-Term Approach to Thematic Investing

APAC Daily Report

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

Market Snapshot & Highlights as of 8:00am AEDT

EXPECTATIONS: Energy HIGHER (higher oil prices) & 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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