G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Azeem Sheriff - @Azeem__Sheriff
Tina Teng - @Tinateng_CMC
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Trading Idea of the Day
NASDAQ:NVDA - NVIDIA Corp - BULLISH BIAS (long term) - BEARISH BIAS (short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Technically, price is near a key support zone, near 200 EMA.
- NVIDIA partners with Microsoft. They plan to build one of the most powerful AI supercomputers in the world.
- It will be powered by: Microsoft Azure's infrastructure. NVIDIA GPUs and full stack of AI software.
- The goal is to help train, deploy and scale AI.
- However, price is still playing within this key channel, until and unless price breaks this channel, then can look for potential long opportunities, otherwise trend is your friend, for the time being.
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: A guide to investing in solar
Podcast of the Day: Investment educator Brian Feroldi’s three principles for long-term investing
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 LOWER on overall lower commodity metal prices.
Global Markets Headlines
- FTX suggests Sam Bankman-Fried transferred assets to Bahamas government custody after bankruptcy (CNBC)
- Nancy Pelosi to step down as House Democratic leader, with GOP set to take slim majority (CNBC)
- S&P 500 falls as rising yields spark recession fears (CNBC)
- GM expects EV profits to be comparable to gas vehicles by 2025, years ahead of schedule (CNBC)
- UK finance minister announces tax hikes and spending cuts, says country is in recession (CNBC)
- Ukraine refuses to accept it was behind Poland missile strike, despite NATO forgiveness (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
Disclaimer: CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.
