Pre Market ASX Report 17/10/22

Good day folks and welcome to another trading day with your friendly neighborhood CMC market analyst!

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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 trades from key support/resistance zones.
  • Following Tesla’s stock split, the downtrend stock has continued to fall since its early 2022 peak.
  • A high-yield environment and an impending economic recession have hampered the company’s future cash flows, affecting its present value and, in turn, its share price.
  • As one of the most traded stocks, this presents opportunities for both short-term traders and long-term investors, and the opportunity to potentially short the stock short-term but look for potential buying opportunities over the long-term, depending on your view.
  • Also this week, we have Tesla’s Q3 earnings report which will review how the company fared in the third quarter and what the outlook is for the fourth quarter and beyond, highlighting any challenges and how the Tesla Chef intends to navigate this uncertain environment.

  • On the bright side, Tesla’s sales in China have continued to rise significantly despite the current uncertain economic situation in China, reaching record levels following the modernization of the Shanghai factory (Reuters).

  • As we sit near a key support level on the daily chart, there is a chance that we might spot short coverage to push the price back up before selling further lower. If gains 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 & key economic events

ASX Key Events Calendar (TODAY)

Key Economic Events (TODAY)

Key Economic Events (YESTERDAY)

OPTO For Investors Research

Article of the day: Apple and Spotify stocks mixed after TikTok’s music expansion
Podcast of the day: Discipline Funds CIO Cullen Roche on finding opportunity in a bear market

APAC Daily Report

Market Snapshot & Highlights from 8:00am AEST

EXPECTATIONS: energy LOWER (bottom oil) & materials LOWER on general commodity prices.

Global Market Headlines

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

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