Glencore showing a potential W Formation.
We need the price to break above the neckline before we get further traction up.
Other indicators show strong upside to come including...
7>21 - Bullish
price >200 - Bullish
RSI>50 HIgher lows.
Target 1 for the resource company is at R136.20
ABOUT THE COMPANY
Founding: Glencore was founded in 1974 by Marc Rich, a...
Many people like to predict breakouts.
If there is one thing you learn today it's this.
Always WAIT for a strong and confirmed breakout.
There is a reason why the price hasn't breached the neckline (resistance). And that's because the fight is still on between the bulls and the bears.
Now that Glencore has broken down not only has it slanted the Cup and...
M Formation has formed on Glencore.
This was prior to an ongoing uptrend, until last year.
Last year it moved into a range bounded state which has formed this M Formation near the end of 2022.
Now we can expect a break down any day now below the neckline.
There are other bear signs, and the biggest is RSI.
21>7 - Bearish
Price>200 - TEST
RSI has been forming...
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...
JSE:GLN
Made head and shoulder and broke neckline on big red bar two weeks ago.
Currently doing pullback from very oversold position.
Wait for back test of neck line to short (be aware if it goes above neckline it is always a possibility)
Target is around 2000.
I have been watching the distribution of Glencore stock unfold since October 2018 (See post below) and the markdown is now in full swing. Lots of pain for Glencore still to come.
Glencore has broken the upward stride that was in place since 2016. After breaking the stride there was a decline on volume and wide spread bars indicating Signs of Weakness (SOW). The subsequent rally bars has smaller spread with declining volume indicating the demand has dried up and the distribution is nearly complete. Once the trend line for the current...
