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<\/p>\n#GOLD #BRENT<\/b> The London Stock Market continues to attract unfavourable opinions with Glencore Plc being the recipient of a rather nasty letter from a major hedge fund, described as an “Activist Investor”. Their letter starts with ‘London is no longer the home of mining’, going on to expand with reasons Glencore should move their listing from London to Sydney, Australia. It’s hard to disagree with some of the points the investor makes and arithmetically, we find it hard to disagree with the notion the company share price is underperforming. We’re not convinced such a malaise is unique to the mining sector, given the plethora of FTSE100 members who’ve opted to jump ship from London and note TUI and Flutter intend do the same later this year.<\/p>\n
Across multiple sectors, companies appear to have been struggling on the FTSE for the last three years. Perhaps it’s about time the FTSE opted to rebrand itself or perhaps urge members to divest themselves of retired politicians taking new careers as advisors, instead appointing people with some faith in the future of the country.<\/p>\n
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Above 435p should prove useful, creating a situation where movement to an initial 486 calculates as possible with our secondary, if bettered, at a longer term 578p and, according to the visuals, some almost certain hesitation, given the level of most recent highs in 2023.<\/p>\n
Unfortunately, there’s a massive “however” and it’s shown with the Blue Circled area on the chart. The market opted to gap Glencore down in mid-January this year, celebrating the company decision to decrease the annual dividend along with news of reduced demand from China, ensuring a share price viewed as underperforming by analysts, continued to underperform. We’ve even read one firm of analysts claiming Glencore should be enjoying a share nearly at 10 pounds, Unfortunately, the best we can give at the moment is a third level target of 637p, if everything goes right.<\/p>\n
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Should things intend go horribly wrong, below 400p looks dangerous, potentially triggering reversal to an initial 377 with our secondary, if broken, at a hopeful bottom of just 340p. Unfortunately, there is also the Red Circled area of the chart to consider. If you look at it the right way and engage the correctly negative mindset, it’s potentially a Head & Shoulders formation. The arithmetic associated with such gives a pretty unpleasant answer, suggesting an eventual bottom of 215p. Due to this, we’d be quite worried should our earlier secondary target of 340p make an appearance as it would signify a lower low.<\/p>\n
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FUTURES<\/p>\n
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