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Need 4 Speed Read - ASX Report - 29/11/22

ASX trading

G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst! 

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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


ASX Key Events Calendar (TODAY)

Economic Key Events (TODAY)

Economic Key Events (YESTERDAY)

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


EXPECTATIONS: Energy MIXED (mixed oil prices) & Materials HIGHER on 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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