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Did Glencore make a double top?
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Hmm, more like a triple top, but it hasn't actually broken yet, which is what chartists are looking for. The April lows need to be taken out first. Today's move kind of points out the danger of preempting a chart pattern. Odds are now more in favour of breakout to the top. Here is a tip for you - the hall mark of trading is repetitive patterns - things that can be repeated without thought. For Glencore, take a look at the pattern in Feb-April 2015. Look familiar?
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Thank you very much Skaaptjop (y)
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Yes Feetjie, it is in a clear sideways channel between R28.00 and R36.00. You can trade within this range until it breaks out, either up or down. If it closes below 28 then sell, if above 36 then buy!
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Thank you also Russ for taking the time to advise. I am still trying to figure out graphs. Am I correct that there is a window at R22 and R25 something?
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Crazy Talk..... Hope you have lots of money.
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I would agree Feetjie. If it does break below 28 (which is quite possible) it could easily get down to those levels(downside target about R20).
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Super Contributor
make use of your stop loss
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Do you consider Glencore to be a bad buy? I am open to all advice as ignorance sadly abounds over here, as can be seen from my past trading. I must admit I like Glencore. They allegedly seem to be well managed, with the top deeply invested in the company, and have a big marketing side to buffer bad resource environments. Watched the webinar and they mentioned there might be better markets for copper with Chinese middle class product demand. Aren't we going to see a price over the longer term that is more reflective of their recourse position on the top 40?
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Thank you Rams, I will do.
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