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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.
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
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)
- 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)
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.
