Glenxtrata

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.

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

Just closed my position at 285.40 for quick profit:)

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.

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

My current view of Glen shows this retracing to 305 before heading up toward 337.

Folks,

does yesterday's close candle look like a hammer to you? Not small enough a head right? ANTO & RIO showing the same pattern as Glen;

BHP is showing a hammer (close enough!), Anglo showing an engulfing from yesterday's daily close candle patterns. I'll try to post charts later...really pushed for time right now.

Please note that I use IG markets so the charts could be/ will be rubbish!