JSE:GLN Glencore Stock Being Distributed
Updated
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 correction is broken the markdown could start. The Volume RSI also indicates weakness with volumes on green bars being lower than for red bars.
Comment
The markdown seems to have started with a break of the bear flag.Comment
GLN continues to be week.Comment
The weakness continues. Comment
The distribution continues.
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