Glencore is in the timing for a daily cycle low, price action has carved out a symmetrical triangle that can break either way. Our guide is the previous cycle low with a price of R99.03, anytime we go below this price we know the trend has turned bearish. We also see the megaphone pattern going back to the COVID low. The support of the megaphone needs a third touch to be validated, we have confidence that this is what is attracting price action.
Ideally we want lower than R99.03 before the triangle breaks to the upside, this gives the short opportunity more profit as it will be a bulltrap. Such setups give swift moves as stops get triggered below the blue line.
Ideally we want lower than R99.03 before the triangle breaks to the upside, this gives the short opportunity more profit as it will be a bulltrap. Such setups give swift moves as stops get triggered below the blue line.
Yorum:
Glencore has broken out of the triangle to the downside, price close to failing in daily cycle 2 opening up room for a deeper correction.
Yorum:
Glencore is backtesting the the apex of the triangle where it converges with the 200DMA, price is showing rejection so we can expect this cycle to fail below R96.79.
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