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 -
Tina Teng -
CMC Markets ANZ -
CMC Markets Singapore -
CMC Markets Canada -
Trading Idea of the Day
ASX:PLS - Pilbara Minerals Ltd (BEARISH - short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- There is strong bearish momentum to sell off the significantly overbought lithium stocks as per momentum indicators.
- S&P Global says lithium prices are lacking momentum for further increases.
- Chinese lithium carbonate spot prices have fallen 2.5 - 3% over last 2-3 weeks. Falling even further this week.
- Pilbara Minerals and Allkem sold off on rather heavy volumes last Friday from drop in lithium prices.
- China protests adding more fuel to the fire, so no positivity arose out of that.
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Futu and Baidu share prices rise after posting robust revenues
Podcast of the Day: Michael Loukas of TrueMark on why diversification isn’t always key
APAC Daily Report
Market Snapshot & Highlights as of 8:00am AEDT
Global Markets Headlines
- Crypto firm BlockFi files for bankruptcy as FTX fallout spreads (CNBC)
- Disney hiring freeze will stay in place, CEO Bob Iger tells employees (CNBC)
- Anti-lockdown protests showing ‘extraordinary’ breadth across China (CNBC)
- China protests send global stocks lower as strategists see Covid disruption persisting (CNBC)
- China might not make major changes to its Covid policy any time soon, despite weekend protests (CNBC)
- UK property demand slides 44% after market-rocking mini-budget (CNBC)
- BlockFi Files for Bankruptcy as Latest Crypto Casualty (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
Disclaimer: CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.