ASX Pre-Market Report 10/17/22

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Azeem Sheriff –
CMC Markets –

Trading idea of ​​the day

NYSE: TSLA – Tesla Inc – BULLISH BIAS (long term)

  • Key levels on the chart – consider taking trades from key support/resistance areas.
  • After Tesla’s stock split, the bearish stock has continued to decline from its peak in early 2022.
  • A high interest rate environment and an upcoming economic recession have hampered the company’s future cash flow, which affects its current value, thereby affecting its stock price.
  • Being one of the most traded stocks, this presents opportunities for both short-term traders and long-term investors and the potential to potentially sell the stock in the short term, but look for potential buying opportunities long term, depending on your point of view.
  • This week we also have Tesla’s third quarter earnings report, which will highlight the company’s performance in the third quarter and what its outlook will be for the fourth quarter and beyond, outlining all the challenges and how the Tesla boss aims to navigate this uncertain environment.

  • On a positive note, Tesla’s sales in China have continued to increase significantly, despite China’s current uncertain economic situation, reaching record highs in Shanghai after upgrading its factory (Reuters)

  • Given that we are near a key support level on the daily chart, it is possible that we will see a short cover to drive the price higher before continuing to sell lower. If earnings and more importantly forward guidance are poor, we could see a break of this key support zone around $200, where price can retest this descending trendline.

ASX and economic key events

ASX Key Events Calendar (TODAY)

Major Economic Events (TODAY)

Major Economic Events (YEST)

OPTO for the search for investors

Article of the day: Apple and Spotify shares mixed after TikTok music expansion
Podcast of the day: Cullen Roche, CIO of Discipline Funds, on finding opportunities in a bear market

APAC Daily Report

Market overview and highlights from 8:00 a.m. AEST

EXPECTATIONS: Energy LOWER (oil drop) & Materials LOWER on overall commodity prices.

Global Markets Securities

(All news and data sourced from AFR/The Australian/Bloomberg/Reuters/CNBC/Wall Street Journal/Morningstar/OPTO/Trading Economics)

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