#FTSE #Japan This share price has received rather a hammering. When we last reviewed #Glencore in September 2019, we whimsically completed our report (link) with the two sentences below;
As can be guessed, tacking this on at the very end of a 500 word report was “just” us covering ourselves in case it all went wrong. But somehow or other, the criteria we’d given for the share price being trashed seems to have been aware of the coming pandemic and Glencore’s share price duly obliged with a movement lemmings would be proud of. In the cold light of day, Glencore actually broke our 132p, eventually opting to bounce from 110p.
The big question, obviously, is to discuss whether the current bounce can be regarded as having any integrity. After all, our 132p ambition was broken on the initial surge downward, implying greater weakness is possible in the future. Despite this gloomy potential, we can report the rebound appears to have legs and we calculate strength now exceeding 182p should reach for an initial 204p. Our secondary ambition, should such a target be exceeded, works out at a rather more flamboyant 254p.
While 254p has a nice ring to it, it’s worth pointing out the visual cues should such a level be attained. Since November last year, this price level has formed a vague “glass ceiling” with the result some hesitation is very probable if the price makes such a lunge upward.
Hopefully this time around, we shall not again curse the price by gluing our caveat to the end of this report. Glencore needs trade below 156p to justify a raised eyebrow as this threatens coming weakness to an initial dangerous 142p. If broken, secondary calculates at a rather poisonous 114p, meeting the uptrend since 2016…
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
9:57:23PM |
BRENT |
40.83 |
Success |
||||||||
|
9:59:46PM |
GOLD |
1727 |
Shambles |
||||||||
|
10:08:44PM |
FTSE |
6242 |
6181 |
6177 |
6148 |
6244 |
6271 |
6316.5 |
6446 |
6183 |
Success |
|
10:33:31PM |
FRANCE |
4946 |
Success |
||||||||
|
10:35:51PM |
GERMANY |
12292 |
Success |
||||||||
|
10:38:59PM |
US500 |
3125.97 |
Success |
||||||||
|
10:41:38PM |
DOW |
26272 |
Success |
||||||||
|
10:43:36PM |
NASDAQ |
9960 |
Success |
||||||||
|
10:46:06PM |
JAPAN |
22327 |
22168 |
22027 |
21835 |
22409 |
22603 |
22724.75 |
22784 |
22374 |
Success |
16/06/2020 FTSE Closed at 6242 points. Change of 2.94%. Total value traded through LSE was: £ 6,038,997,708 a change of 21.55%
15/06/2020 FTSE Closed at 6064 points. Change of -0.67%. Total value traded through LSE was: £ 4,968,429,954 a change of -16.12%
12/06/2020 FTSE Closed at 6105 points. Change of 0.48%. Total value traded through LSE was: £ 5,923,571,843 a change of -4.84%
11/06/2020 FTSE Closed at 6076 points. Change of -4%. Total value traded through LSE was: £ 6,224,767,909 a change of 0.67%
10/06/2020 FTSE Closed at 6329 points. Change of -0.14%. Total value traded through LSE was: £ 6,183,586,009 a change of -20.17%
9/06/2020 FTSE Closed at 6338 points. Change of -2.07%. Total value traded through LSE was: £ 7,746,073,267 a change of -2.7%
8/06/2020 FTSE Closed at 6472 points. Change of -0.19%. Total value traded through LSE was: £ 7,960,814,062 a change of 13.86% 