#Gold #SP500 It’s that time of year, when the UK phenomena of Panto used to rear its ugly head. A less unfortunate side effect of Covid-19 appears to be a lack of these contrivances, the ponzi scheme of paying a Celeb to headline a filled theatre with a lacklustre show. In some ways, it’s a pity as “Cinderella” immediately sprung to mind when reviewing whatever Glencore is trying to achieve.
What’s surprising about Glencore is, when we review their contemporaries – and the mining sector – Glencore share price should presently be trading around 225p rather than languishing below 2 quid. Thus far, when it comes to price recovery, Glencore has not gone to the ball, nor even appears to know it’s on! This is a bit of a pity, thanks to the share price illustrating some really strong longer term potentials, if it would only start actually going up.
Visually, there’s something going on at the 200p level suggesting this may be a potential trigger for strong growth but given Glencores often letharic behaviour, we’re inclined to modify our usual criteria for a price movement. Suspecting this shall also require the FTSE poised to join the fun, only if the UK index exceeds 6,509 points while Glencore betters 220p dare we start believing some strong travel is coming. In this game plan, we’re able to calculate the potential of 284p making an initial appearance with secondary, if exceeded, working out at a distant 368p.
For it all to go wrong for Glencore, the share price needs slop below 150p as this risks reversal to an initial 134p with secondary, when broken, at a bottom of 114p. The visuals suggest this is unlikely.
|Time Issued||Market||Price At Issue||Short Entry||Fast Exit||Slow Exit||Stop||Long Entry||Fast Exit||Slow Exit||Stop||Prior|
18/11/2020 FTSE Closed at 6385 points. Change of 0.31%. Total value traded through LSE was: £ 6,735,334,001 a change of -10.55%
17/11/2020 FTSE Closed at 6365 points. Change of -0.87%. Total value traded through LSE was: £ 7,529,482,132 a change of -4.74%
16/11/2020 FTSE Closed at 6421 points. Change of 1.66%. Total value traded through LSE was: £ 7,904,150,149 a change of 37.1%
13/11/2020 FTSE Closed at 6316 points. Change of -0.35%. Total value traded through LSE was: £ 5,765,436,391 a change of -7.44%
12/11/2020 FTSE Closed at 6338 points. Change of -0.69%. Total value traded through LSE was: £ 6,228,749,824 a change of -14.5%
11/11/2020 FTSE Closed at 6382 points. Change of 1.37%. Total value traded through LSE was: £ 7,285,360,300 a change of -18.94%
10/11/2020 FTSE Closed at 6296 points. Change of 1.78%. Total value traded through LSE was: £ 8,987,595,429 a change of -12.81%
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