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Glencore shares are in freefall this morning as the US department of justice hands the company a subpoena in relation to money laundering. The company has been has been asked to hand over records to the US DoJ so they can look into activities in Nigeria, the Democratic Republic of Congo and Venezuela dating ranging as far back as 2007
Looking at the chart you can ...
Looking at the daily chart we have two interesting formations that could indicate a short term upswing. Indicators also seem to be slightly diverging to price.
We have a potential 'Wolfe Wave' and Cypher pattern. Wolfe wave price target of around 420 with projection time being Ex-Div date. The cypher target would be 395.
Bullish swing is commencing.
Hold till resistance level/overbought RSI
Place stop loss at 345
Risk/reward ratio: 6
Looking at a buy entry from 340.
Financials looks good. From a technical standpoint the RSI/Stoch are both oversold and price has rejected strongly from the 200ma forming an outside day bar.
I'll run a pretty tight stop at 320.
TP at previous high of 388.
I wanted to use this chart as an example of how useful market profile is!
Just below the 340 area you can see the main value area on the volume profile indicator.
In conjunction with the candle action you can see that area was rejected with some power.
Once the candle high was broken the approach to new highs was made.
Short term correction
Resistance rejection at low volume and further selling pressure.
Right shoulder formation at low volume support.
expecting a break of support and then selling down to high volume node after a retest
set up would only be valid if the retest fails and support becomes resistance