Glencore ready to smash through its 6 month rectangle
W Formation and Rectangle formation has formed since May 2023...
Now, we are definitely getting signs of upside, more than downside.
That's because the resources sector and precious metals sector is showing positive signs.
As we welcome 2024, investors will be using their bonuses and will be reinvesting in the new year which will lead to the January Effect.
Also, there is optimism in the air with America cooling off inflation rate and interest rate hikes.
Other indicators show upside for now including:
7>21 moving average (SHort term)
Price>200 (Bull market)
Target 1 will be at R131.00
Now, we are definitely getting signs of upside, more than downside.
That's because the resources sector and precious metals sector is showing positive signs.
As we welcome 2024, investors will be using their bonuses and will be reinvesting in the new year which will lead to the January Effect.
Also, there is optimism in the air with America cooling off inflation rate and interest rate hikes.
Other indicators show upside for now including:
7>21 moving average (SHort term)
Price>200 (Bull market)
Target 1 will be at R131.00
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.