Trends and Targets for 17/10/2018

#Glencore #Nasdaq #SP500 This share reveals a peculiar in-house bias. Essentially, none of us trust shares with 4 character epics! Indeed, even those with 2 characters and a dot are hated. Sloppy naming conventions make writing analysis software a bit of a nuisance at times.

Seriously, few things prove more capable of introducing hysterics to a web page than BP. for instance. A simple chart graphic immediately refuses to display, the internet failing miserably when challenged with “BP..jpg”!

 

Aside from this ridiculous rant, how are things looking for Glencore?

 

Confusing is the obvious answer and probably more tainted with worldwide market potentials rather than any Brexit threats. To get the headline numbers out of the way, the share price requires actually close below 256p to allow a surfeit of concern. Until such a point, everything else is just distraction as the price trades in a zone where 440p is a medium term ambition with secondary, if bettered, at 562p.

When we review the downtrend from 2011, the price has broken through and performed fairly well. Unfortunately, experience teaches a fairly sure signal for abandonment of big picture upward targets comes, if a share is unlucky enough to close a session below the point of a major historical trend break. In the case of GLEN, we’ve circled this at 256p. Quite amusingly, the market also opted to gap the price above this trend.

For now, a couple of problems appear likely.

We already view it as heading to 259p, dangerously close to our Closing Price (that’s really important) drop trigger of 256p. The share price, presently trading at around 315p, needs better 342p to give the first impression 259p shall not appear and scare the pants off long term traders.

What happens with closure below 256p?

Initially, we shall be looking for reversal to 200p along with a very probable bounce. But if broken, secondary calculates at 134p.

Chart goes here

 

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

10:15:14PM

BRENT

81.36

10:16:19PM

GOLD

1225.4

10:18:27PM

FTSE

7088.97

‘cess

10:20:57PM

FRANCE

5178.5

Success

10:23:14PM

GERMANY

11821

Success

10:24:57PM

US500

2814.67

2780

2776

2752

2805

2816

2833.5

2875

2779

Success

10:27:34PM

DOW

25790.8

Success

10:37:34PM

NASDAQ

7326.12

7083

7023

6918

7183

7338

7356

7423

7172

Success

10:39:37PM

JAPAN

22885

Success

 

Leave a Reply

Your e-mail address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.