Glencore for 19/11/2020

#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.

Hey, 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
10:12:33PM BRENT 44.28 ‘cess
10:14:17PM GOLD 1872.42 1863 1860 1847 1881 1885 1888 1895 1873
10:16:13PM FTSE 6323 Shambles
10:18:00PM FRANCE 5468.2 ‘cess
10:40:14PM GERMANY 13106 ‘cess
10:43:03PM US500 3562.27 3558 3541.5 3509 3596 3628 3638.5 3650 3588 Success
10:45:36PM DOW 29431.7 ‘cess
10:47:45PM NASDAQ 11869 ‘cess
10:50:01PM JAPAN 25585 Success
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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