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Australian shares edge higher amidst global rally on tech, commodities give extra boost

Elon Musk Tesla Boss

Australian shares are edging higher on Friday, following other global markets after a release of strong US tech earnings which relaxed concerns around an economic slowdown. Crude oil also surged around 3% after global concerns of tightening oil supply.

The ASX 200 is currently up 0.75% at mid-session on the back of the Australian technology sub index increasing by almost 2%. Online bookmarker Pointsbet topped the exchange on a strong Q3 outlook, rising as much as 14.5% to $3.11, which would be the best trading day since March 3 if the gain holds. 

With the release of further corporate earnings over the coming 2 weeks, from the likes of Macquarie Group (FY), NAB (HY), Westpac (HY) & ANZ (HY), all eyes will be on the stock price as investors will be hoping for strong numbers from Australia's largest sector on the ASX.

Elon Musk has sold around US$4billion worth of Tesla shares in order to finance the purchase of Twitter (per filings with the Securities and Exchange Commission). This resulted in a drop of 12% on Tuesday but edged higher on Wednesday. Musk further commented on Twitter that "no further Tesla sales are planned after today", which could indicate a halt on further significant price drops. 

Today's technical analysis (TSLA)

(Click here to enlarge chart)
Source: TradingView

Bitcoin - US$39,410
AUDUSD - 0.7115
Spot Gold - US$1,901
Brent Crude Oil - 108.45
WTI Crude Oil - 105.86

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