Late last week on the trading desk, I presented a technical chart highlighted my perspective of the monthly chart for Glencore relative to Anglo American Plc on the London Stock Exchange (LSE), with the comment as follows:
The relative monthly chart for GLEN vs AAL is suggesting the potential for a long-term shift, where GLEN could outperform AAL.
I've overlayed Albermarle (one of the world's biggest lithium producers) and Piedmont Lithium highlighting how the relative ratio chart could 'catch up'.
Glencore's portfolio is well-positioned to benefit from the EV revolution which is in its infancy.
Note the base having developed, with the price now having pushed up to a 17-month high.
In addition, the 14-month RSI is attempting a 6-year downward trend line breakout.
Note: For the sake of clarity, the chart presented here is without Albermarle and Pidemont.
So far we have seen the relative price rebound twice off the 200-day and has advanced by +4% so far this week. Can it continue?
For more insights, perspectives and real-time trade ideas, get in touch today.
The relative monthly chart for GLEN vs AAL is suggesting the potential for a long-term shift, where GLEN could outperform AAL.
I've overlayed Albermarle (one of the world's biggest lithium producers) and Piedmont Lithium highlighting how the relative ratio chart could 'catch up'.
Glencore's portfolio is well-positioned to benefit from the EV revolution which is in its infancy.
Note the base having developed, with the price now having pushed up to a 17-month high.
In addition, the 14-month RSI is attempting a 6-year downward trend line breakout.
Note: For the sake of clarity, the chart presented here is without Albermarle and Pidemont.
So far we have seen the relative price rebound twice off the 200-day and has advanced by +4% so far this week. Can it continue?
For more insights, perspectives and real-time trade ideas, get in touch today.