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%

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