8GC trade ideas
GLENCORE GOOD SHORT OPPORTUNITYWe have a beautiful downtrend on the higher timeframes.
The price broke through the blue zone on the daily.
The price pulled back than and found resistance around 255.
Target is the 160 zone.
Glencore - GLEN - 5th wave starting?Nickel has made some good progress this year and as a major nickel miner is Glencore about to benefit? Might be a bit early to call this a reversal but watching carefully.
$JSEGLN - Interesting level hereUpward TL support held. Glencore now also back above horizontal support. Looks interesting.
GLN: wait for the price action to developThe 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 weekly chartJSE: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.
JSE:GLN Glencore Markdown Gaining MomentumI 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.
GLN -Bumping against slight resistanceSlight 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 to gain some more weight??Can we see Glencore going up for some time after that double bottom and that BO
GLN - Oversold and near SupportSupport at R42.50
Resistance at R53.00
Entry Point: R43-R44
Stop Loss: R41-R42
Sell: R50-R53
WILL IT BREAK NOW OR WILL THERE BE MORE DOWNSIDE FIRST?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 producer.
Gelncore Xstrata’s strong history and global scope makes it a good commodity to buy with the expectation of long-term growth. The share has proven itself as a great performer when global economic growth is strong.
Let's look at the technicals
Weekly: There is not a lot of data to go by on the weekly timeframe since the merger with Xstrata in 2013. This means that we will still be waiting for quite some time to see a structure formation take place. As things stand now, on the weekly time frame there are a number of structure options. I am however using the low and the current high based on the recent double top in order to project a possible retracement level. I believe that there will be a move to the downside to test the 38.2% retracement level and possibly the 50% level. I will be looking for reversal indications at those levels respectively.
Daily: Price is currently trading within a corrective formation. We could see a break to the upside on the current wave but I believe it is more likely that there will be a a move to the downside to test the Fib retracement levels and complete a larger correction. Ultimately I expect a break to the upside.
JSE:GLN Glencore Stock Being DistributedGlencore 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.
$JSEGLNJSE:GLN
Bearish flag on weekly chart still far from conformation but break bellow last week low can take Glencore some 25% lower
Buy signalFollow the comments on the chart! If the price goes up to the size of the stop loss point, put the stop loss on the entry point, Stop loss means that the closing price must be below the Stop line, the shadows are not acceptable. LSE:GLEN EURONEXT:FTSE
