Glencore ($JSEGLN) Towards Support of Wedge

19 Mar 2023

Glencore price has oscillated between the blue support & upper pink resistance. On daily chart price has lost the 200DMA, per cycles it is seeking a half cycle low, a bullish move from here can bring bulls buying but the expectation is price will not breach the downward slopping resistance before turning down again. This time the blue support would not hold triggering many stop-looses adding fuel to price capitulation towards the lower support that is now same slope with the 200WMA. Glencore is also due a yearly cycle low, if it does not attain this in one go, further weakness awaits.

6 Haz 2023

İşlem elle kapatılmış

Closing above the downward slopping resistance means Glencore started a new weekly cycle. To analyze further on where price wants to go.