Glencore’s brief dip below hourly rising trend line followed by a quick recovery above 186.15 (38.2% of 379.40-66.70) has kept the doors open for a re-test of 190 levels.
The hourly indicators- MACD and RSI have turned sideways, leaving little room for a guess work. However, on the daily time frame RSI is losing height from the overbought territory, while MACD...
I believe that Glencore is in the process of a corrective move up with a little bit more to run. I am waiting to see if there is a retracement coming before perhaps jumping on for the ride.
Hi Everyone, hope you are all doing well. Glencore (GLEN) appears to be in a corrective structure so we are waiting for the sell setup. Stay tuned for updates as the trade become active.
On a dip to fill gap sub 90 TP1 gap above 150
- Seeding pattern on weekly (green dashes)
- Bear trend line break with confirmation of wkly seed pattern
Rally back to high volume resistance at 2.05.
Also, 2.05 is the price level with the most TIME as well and is nearly a 100% rally from the low at the end of September.
The CCI(11) is overbought, of course, since it just rallied 9 days from 1.07 to 2.076, a full 1.00 move.
Risk 10% to 2.25
Target -20% to -25% to 1.60-1.50
Tim
10/9/2015 10:15AM EST
