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
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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.
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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
- FTX founder Bankman-Fried sent back to Bahamas jail in day of courtroom chaos (CNBC)
- Sam Bankman-Fried will now surrender himself for extradition before Bahamian court Monday, says source (CNBC)
- The FTX disaster has set back crypto by ‘years’ — here are 3 ways it could reshape the industry (CNBC)
- EU approves measure to limit natural gas prices in effort to combat energy crisis (CNBC)
- Elon Musk polled Twitter on whether he should step down as CEO. Most voters said yes (CNBC)
- Meta could face $11.8 billion fine as EU charges tech giant with breaching antitrust rules (CNBC)
- Global coal use is on course to hit all-time high this year, IEA says (CNBC)
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China markets lead losses in Asia-Pacific despite government pledge to stabilize economy (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
