Keeping an eye on JSE:GLN price action. The share price is at an area of value, and a key MA. For buyers, a bounce up will be beneficial, and for sellers a break down will be beneficial. PGMs are getting wrecked, is there a bull case for a diversified miner like JSE:GLN ?
M Formation has formed on Glencore.
This was prior to an ongoing uptrend, until last year.
Last year it moved into a range bounded state which has formed this M Formation near the end of 2022.
Now we can expect a break down any day now below the neckline.
There are other bear signs, and the biggest is RSI.
21>7 - Bearish
Price>200 - TEST
RSI has been forming...
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70% of cobalt refining capacity accompanied with...
The bearish engulfing on JSE:GLN seems to be playing out quite well so far. Along with that, the stochastic and MACD have both turned downwards, so once the EMA's cross in a downward direction, the momentum strategy will also be triggering and alert on this one.
LONG GLEN/USD 1 day Shopping ✅
Entry Point: USD 510.0
Target : USD 640.0
Stall Brake : USD 498.0
Speculation is extremely risky and must be executed with money that we are willing to lose or touch the stop loss.
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Glancore shares are going to be dumped by investors. Technical indicators of a brutal massive sell-off of Glencore share price. Glencore activities are criminal
TAKE PROFIT REACHED after two months of holding this trade - Glencore.
There was a super Diamond Formation that told us it was heading to a target of R120.00
It touched beautifully today after the long hold and seems to show more upside to come.
I'm out of this trade for now..
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A potential short position has triggered on JSE:GLN based off our 3 momentum indicators, the stochastic, the MACD and the crossing of the two EMA's.
If triggered our target will be down at the R82 level. This coincides nicely with a strong support level from earlier this year and late last year.
Glencore has broken out from an ascending triangle. 50DMA trading well above the 200DMA and both moving averages turning upwards showing nice underlying strength in the share. Stop loss below horizontal breakout.
JSE:GLN is attempting to print a new all time high. The stock previously flirted with R106/share but never traded above this level. A close above R106 will be interesting.
Diamond formation
Higher probability for upside
Target R120.00
Concerns:
If price breaks below the Diamond, it will crash hard to R76.
But right now the signs are pointing up.
Glencore has had a sterling run from the March 2020 bottom at R22,54.
The bull run ran out of steam at R105,94 and is currently trading in a sideways consolidation.
From an Elliott Wave perspective, sideways consolidations are normally triangles, especially in a fourth wave position after a strong third wave.
The key level to watch is R79,20 and a break below this...
