TAKE PROFIT REACHED after two months of holding this trade - Glencore. There was a super Diamond Formation that told us it was heading to a target of R120.00 It touched beautifully today after the long hold and seems to show more upside to come. I'm out of this trade for now.. Follow for more Daily TRades and Analyses... We show both winners and losers as I've...
CHALLENGE TRADE IDEA: MARKET: Glencore (GLN) TAKE PROFIT: R120.00 REASON: Bullish Diamond formation with rising lows on RSI. What are your thoughts?
Diamond formation Higher probability for upside Target R120.00 Concerns: If price breaks below the Diamond, it will crash hard to R76. But right now the signs are pointing up.
A daily close above 26 cents required.
A smaller redistribution trading range, after the larger distribution trading range (see posts below), has formed. After an upthrust (UT) and last point of supply (LPSY) the markdown is set to continue.
Glencore stock is still being distributed by large interests and there is no sign of a recovery. After a redistribution range price is ready to take the next step down.