The black lines represent the likely price action that might unfold over the next couple of days.
Always wait for the second price move to confirm before attempting to enter into a long position.
Time to exit: +/- 1 October 2019
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.
Slight Resistance at R51.30
Strong Resistance at R54.50
Breaking through R51.30 and confirmed may see it go to R54.00.
I got in at R47.00.... thinking of selling and waiting for breakthrough or fallback then enter again.
Just a suggestion.
Glencore Xstrata PLC is a leading integrated producer and marketer of commodities, operating around the world and employs in excess of 27000 people. The group's commodities comprise of metals and minerals, energy products and agricultural products. Glencore is today South Africa’s largest exporter of thermal coal and is also the world’s largest ferrochrome...
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...
Glencore plc is an integrated producer and marketer of commodities, such as metals and minerals, energy products, agricultural products and Corporate and other. The Metals and minerals segment is engaged in copper, zinc/lead, nickel, ferroalloys, alumina/aluminum and iron ore production and marketing. It also has interests in industrial assets that include mining, smelting, refining and warehousing operations. Its Energy products segment includes coal mining and oil production operations and investments in strategic handling, storage and freight equipment and facilities. Its Agricultural products segment is supported by controlled and non-controlled storage, handling and processing facilities in various locations, and is focused on grains, oils/oilseeds, cotton and sugar. Its diversified operations consist of over 150 mining and metallurgical, oil production and agricultural assets.
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GLN
