X

Select the account you'd like to open

Newsletter

Need 4 Speed Read - ASX Report - 24/11/22

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:EDV- Endeavour Group Ltd - BULLISH BIAS (long term) - BULLISH BIAS (short term)

  • Key levels on the chart - consider taking trades from key support/resistance zones.
  • Price is significantly undervalued and at a key support, a level not seen since the beginning of COVID.
  • Retail sales growth is driven by inflation while volume begins to ease.
  • Liquor sales remain surprisingly resilient as the segment cycles elevated sales from last year.
  • Macquarie prefers Consumer Staples including Coles Group (COL) and Endeavour Group (EDV) over Discretionary names.
  • Prices in Consumer Staples have been relatively stable, compared to Discretionary names which have fluctuated.
  • As we head into a potential global recession next year, we could see a significant reduction in demand for goods, leading to a significant reduction in forward guidance.

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: Australia’s decarbonisation powers AGL, Fortescue and Origin shares

Podcast of the Day: BlackRock’s Carolyn Weinberg on the democratising power of ETFs
 

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 LOWER (lower oil prices) & Materials SLIGHTLY HIGHER on mixed commodity prices.

Global Markets Headlines
 

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


Sign up for market update emails