Glencore for 3/07/2019

#Nasdaq #CAC40 Our last public review of Glencore was back in February this year, when we provided criteria for a 10% share price rise. Despite relative chaos in the world of heavy metal, this ambition was successfully achieved and exceeded. What has happened since is melting our collective brain cell!

At present, the share is trading around the 279 level and unfortunately, despite beating our prior secondary target with a lunge to 340p, the price has broken the uptrend since the start of 2016 and in doing so, is painting a series of “lower lows”. From our perspective, the news is quite grim as trades below 248p (which we suspect shall happen) look capable of driving reversal down to an initial 228p.

Worse, if such a level breaks, our secondary is a theoretical “bottom” of 193p. We’re forced to use the term “bottom” quite loosely, thanks to the visuals tending suggest 132p should be “bottom” for a real bounce. To achieve such a low, we’d suspect either negative news flow or, more probably, negative market conditions, shall conspire to provoke 132p making an appearance.

At present, the share price needs exceed 300p just to regain the prior trend. In such an event, we calculate an initial price target of 312p with secondary, if bettered, a pretty comfortable looking 346p.

For now, we fear the worst, suspecting 132p shall prove irresistible.

FUTURES

Time Issued	Market	Price At Issue	Short Entry	Fast Exit	Slow Exit	Stop	Long Entry	Fast Exit	Slow Exit	Stop	Prior
10:50:23PM	BRENT	62.69									Success
10:52:12PM	GOLD	1419.19									Success
10:55:04PM	FTSE	7573.98									Success
10:57:14PM	FRANCE	5580	5554	5535.5	5510	5590	5590	5599	5614	5561
10:58:53PM	GERMANY	12559
11:01:28PM	US500	2974.87									‘cess
11:03:39PM	DOW	26801
11:06:34PM	NASDAQ	7814	7735	7703	7665	7798	7820	7834.5	7871	7762	Shambles
11:08:29PM	JAPAN	21693

2/07/2019 FTSE Closed at 7559 points. Change of 0.83%. Total value traded through LSE was: £ 6,102,081,659 a change of 7.26%