Glenxtrata

This is showing more strength...



Holding to see if it closes above 289, and preferably closer to the intra-day high of ~295 to see if it'll power on beyond minore resistance points 300 and 305.

After that who knows? All depends on base metal appetite.

Just closed my position at 285.40 for quick profit:)

Libero, I usually wait for the Stoch/RSI to hit zero and the RSI to be below 25 to trigger a long
I'm in with a very tight stop and praying hands

That's one mean Stochastic RSI there Diver... But also (usually) it's a pre-cursor for an oversold signal.

We need the 273ish area to hold firm before taking a long position me thinks.

Other (non-technical) factors should also be considered, namely, this mining / commodities sector clearly points towards a weak economy and not all the singing dancing one that government officials have been going on about.

Furthermore, Glencore are due to report their half-yearly numbers next week, which I personally believe will be good numbers all things considered.

Watch this space I guess!



p.s. almost forgot! but from a distance you can almost make out a rising reverse-H&S.

dl.dropboxusercontent.com/u/7238706/GLENCORE%20XSTRA.png

This could be ready to bounce today?

dl.dropboxusercontent.com/u/7238706/GLENCORE%20XSTRA.png

This is looking like an impulse but, yet to be proven: I am expecting a retrace to 275-279 to form a wave iv; then 123.6% up to form the v, which, conveniently fills the small gap at 287.00. Hopefully it will go further and breach 294, which would invalidate the downward move we have witnessed of late.

These little sub-waves are hopefully the beginnings of a wave 1, and wave 1's are always a big fight between the bears and bulls, so it's all a bit of a struggle. Patience is the name of the game