Pre Market ASX Report 13/10/22

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

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Azeem Sheriff –  

CMC Markets – 

Trading Idea of the Day

NYSE:META – Meta Platforms Inc – BULLISH BIAS

  • Key levels on the chart – consider taking trades from key support/resistance zones.
  • US big tech have been smashed this year making 52 week lows.

  • Meta still has 4 mostly used social media applications and their advertising revenue is still very strong despite the stock price. There’s been negative sentiment with its virtual reality Metaworld kick off but this is a long term plan from Mr Zuckerberg.

  • US big techs are significantly undervalued and present a decent opportunity for those investors looking to buy into these companies over the long term.

  • Talks of a global recession are dampening future cash flows in the valuation process for these big techs which is reducing the share price.

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: BlackRock, JPMorgan and Morgan Stanley earnings forecasted to dip

Podcast of the Day: Tidal Financial CIO Michael Venuto on the ETF industry

APAC Daily Report

Market Snapshot & Highlights as of 8am AEST

EXPECTATIONS: Energy LOWER (lower oil) & Materials LOWER on overall lower 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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