Trading Glencore Plc: Technical Regime + Price Action Probabilities

Research Notes For 26 to 30 May > https://www.unum.capital/post/r2630may

Trade Local & Global Financial Markets with Unum Capital.

To get started, email tradingdesk@unum.co.za

• The 50-day EMA is losing downside momentum.

• Reclaiming the 50-EMA + clearing the downward trend line resistance opens up a path back toward the 200-day SMA.

• Fundamentally, the Copper bull case (supply shortage) remains in tact.

  
  

Analyst Disclosure: The summary below (based on the price action guide above), has been written with an A.I tool.

Summary The overall setup for Glencore PLC appears to be mildly bullish to neutral with a potential for bullish development.

In the short term (1-10 trading days), the analysis indicates that Glencore PLC is "Attempting A Bullish Reversal Following A Consolidation Phase." This suggests that after a period of sideways movement, there is an emerging upward momentum being observed. This points to a potential for a bullish move in the near term.

Looking at the medium term (next 2 to 4 weeks), the expectation is that Glencore PLC is "Attempting A Rebound Following A Downward Trend May Consolidate Further Before Continuing Higher." This implies that while there might have been a recent downtrend, the analysis anticipates a recovery. The mention of potential further consolidation suggests a cautious optimism, indicating a possible pause before a more sustained upward movement.

In the long term (next 5 to 8 weeks), the outlook is "Range-Bound In A Weak Regime - Recovery Buy/Long Is Triggered On Strong Bids And Break of Current Range High." This suggests that the price is currently confined within a certain range. However, the strategy outlined indicates a bullish bias, with buy or long positions being considered upon the appearance of strong buying interest or a breakout above the current range's upper limit.

Summary: While the 7-day and 14-day trends are currently neutral and range-bound respectively, the analysis across the short, medium, and long term shows a leaning towards potential bullish developments. The short term highlights an attempted bullish reversal, the medium term anticipates a rebound, and the long term suggests a bullish entry point upon specific conditions being met. Therefore, the overall tone is cautiously optimistic with a bullish tilt.

Lester Davids

Senior Investment Analyst: Unum Capital