Glencore PLC

uk.advfn.com/p.php?pid=chartscreenshotsh...Q%3D&symbol=L%5EGLEN

this tried to rally early on today, but any hopes of a decent pullback quickly disappeared...
One more support left before the lows here, which look likely now...
the whole market looks shaky atm....

Trendfriend.

Well for what it's worth, we could be in for a mid term big down move in these markets....
I would be very careful with opening any longs positions atm.....
Looks like a big down day to start the week....

I would suggest that people follow 1) commodities and 2) Chinese industial indicators rather than the Glen charts. Those are the drivers here. GL

"however at some point this has has to stop going down...."

Careful, I'm sure that's what a lot of people said about GKP from around 350!

Stay safe!

Yep hard to argue against the post below.... this one is proving to be my very own nemesis here
This always seems to surprise, and it's notoriously difficult to call...when it looks bullish, it drops down, when you think it's bearish, up it goes.
I have a feeling this will be doing the same again.

Firstly short term.
uk.advfn.com/p.php?pid=chartscreenshotsh...k%3D&symbol=L%5EGLEN
You have supports below from F4T, overhead look for a break of the very short term trendline around 94p.... wait for 100p resistance to clear before going long(if one's brave enough!).

It's the long term weekly i find interesting here.
uk.advfn.com/p.php?pid=chartscreenshotsh...Y%3D&symbol=L%5EGLEN
Every share(most anyway) has some technical feature it loves to respect... Glencore loves pennants..
Looks also how every pennant throughout it's history has broken downwards.... so it's always, a pennant consolidation followed by a move down... Note also how the pennants get smaller as the share price comes down....
Even now, this looks to be in a pennant imho....
Question is will it break down or up???
in all probability it will be down, if it does break down, wait for the RSI to hit 20 on the daily for long positions..
however at some point this has has to stop going down....a break below the pennant and this may well get dumped hard..
However i would not rule out a break up from the current pennant... weekly RSI is at support. it would not shock me to see a up break, and that may well signal the end of the down trend imho...

To some extent at least this is being driven by the big guys, at least imho.... they want to turn as many folks over as possible imho... by doing exactly the opposite to what would be logical...

Lets wait and see how this plays out this weeks before writing it off imho...
in summary, a surprise move up this week imho, at least to the top of the current overhead pennant(around 120p area)
I'am not suggesting rushing to go long here atm... in any case if does turn bullish, there's plenty of upside to catch here....just think imho this is the bottom being played out here...

Reagrds,
Trendfriend.

The charts are not bullish Luice. GLEN is driven by commodity pricing and the general markets which have both been falling and broken strong supports. One or both need to turn.

It is in the 61.8% fib area currently (below), so this is a key area.. Next support is a small gap at 83.39/83.70 then the low at 66.67 and finally trendline support at 59.50

Weekly is at support.

Copper has broken long term support