Glencore PLC

Copper prices, after what looked like a rally yesterday have hit new 6 year lows. Glencore is also having problems laying off staff in Zambia copper mine. Bad press.

This is also popular due to its volatility. The city will ramp it up and down as good money to be made.

No bounce at gap surprised me. There is another small gap at 83! Not for the faint hearted.

F4T

Just taking a closer look at this after todays action....
uk.advfn.com/p.php?pid=chartscreenshotsh...Z3Kn7EUXnSije4i0M%3D

Puzzled to see why this bounced from 90p....exactly 90p...not 89.65p 89.9p but exactly 90p!!
even more bizzare as this had no previous support at 90p, and worth noting this has hit 90p around midday, then rallied to 96p close, while the ftse continued to drop throughout the session....

this has been disrespecting technical's for some time imo....now i'm not one for conspiracy theories normally, but anyone else get a feeling this is being controlled by the big city boys.... be it MM's, big hedgie's i don't know....

what we do know is if the big boys are in control here, the whole price action could well be a fix!!(after all it's pretty rare to see a ftse100 stock, behaving like a AIM stock, right?)Technicals will be of limited use here... and this may well be best left alone short term at least imho....
S/R are pointless here imho.... maybe wait for a market turnaround...and a breakout or at least a reliable techincal buy signal before entering here...just my honest opinion..
Regards,
Trendfriend (a cheesed off glencore punter...lol)

TF please find my chart...
89.33p was price.. but not sure why it stopped a 90p
Not sure if to go long or stay out...
LLOY is also down today..

ta
G

Well, let's not get carried away The city always play where there is money to be made and they also use technicals (gosh).
The sp hovered at 97 for an eternity before continuing south as copper / commodities were still falling. 90 is just a psychological level to stop at.
Don't lose the faith!

Hi F4T, Are you still bullish long term for Glen? I am long and a bit concerned.

Luice

The charts are not bullish Luice. GLEN is driven by commodity pricing and the general markets which have both been falling and broken strong supports. One or both need to turn.

It is in the 61.8% fib area currently (below), so this is a key area.. Next support is a small gap at 83.39/83.70 then the low at 66.67 and finally trendline support at 59.50

Weekly is at support.

Copper has broken long term support