Glencore PLC

Well it did brake above the last support but didnt last.

Is the feeling still that this is an overriding long play?

I'm hoping to buy around the gap tomorrow morning if it gets there, though not 100 per cent convinced it will bounce from that area as the RSI has taken a bit of a nose dive on the daily.

If the above is totally b****x, pls ignore this post as i'm clearly a novice.

I see a relatively bullish day today and a break above last support. Whether it lasts is another matter. Either way IMO the 105/106 area is a pretty safe entry long term. Gap close at 96/99 would be safer for those not sure. GL

F4T

This broke below its sideways range today...
I actually thought this looked bullish.... but its been getting dumped, the last four candles look bad!
Since riding this up on the big rise... i have been stopped out here a few times since

The gap fill @ 97/99p looks a very likely possibility now..
uk.advfn.com/p.php?pid=chartscreenshotsh...o%3D&symbol=L%5EGLEN

Regards,
Trendfriend.

Agree that this is an overriding long play, not a short play as this is long term bullish IMO.

Positives for commodities are stimulus in China, negatives being strengthening dollar and no stimulus.

The unknown in this stock is the black box of trading and ability to reduce debt effectively.

Great for trading currently.

F4T

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

This retested the trendline... and i still think the set up is quite positive here imho...
Yes it could go down to 100p and the gap below around 90p, but it would take a real general market sell off for this go to those levels now....
it's in a range atm... look for break from that range for mid term direction imho...
in the mean time buy the dips??
would'nt recommend shorting this now... the time to short was when this was 300/400p + imho...

Regards,
Trendfriend.

Key support is at 106.21 Didn't quite make it this week. If this goes then should see a test of 100 and gap comes closer into play.50% fib of rise from lows is at 103ish and 61.8% fib is almost exactly at gap close which is very neat.

RSI broken below resistance line again. Short term RSI support broken yesterday.

Extent of dollar rise in view of fed tightening will be interesting as this puts commodities under pressure.

On the upside, aside from the SMA's, a break of 130 will take us rapidly to 140. A break of that will leave the lows behind for good IMO.

In summary key numbers are 106 and 130 with the range in between nicely tradeable.

I can see why TF is bullish as this range has consolidated the initial rise comfortably, but it is dangerous to hang on doggedly to an idea when the charts say otherwise.

Don't have my proper charts with me so numbers approximate.

PS: Nice bear pennant on the hourly on Friday.