Glencore – 186.15 is a strong support
Glencore’s brief dip below hourly rising trend line followed by a quick recovery above 186.15 (38.2% of 379.40-66.70) has kept the doors open for a re-test of 190 levels.
The hourly indicators- MACD and RSI have turned sideways, leaving little room for a guess work. However, on the daily time frame RSI is losing height from the overbought territory, while MACD has turned bearish.
Thus, the odds of a corrective move to 180.00 are high. A violation there could yield drop to 170.00.
On the higher side, a day end closing above 192.00 would open doors for 200+ levels.
The hourly indicators- MACD and RSI have turned sideways, leaving little room for a guess work. However, on the daily time frame RSI is losing height from the overbought territory, while MACD has turned bearish.
Thus, the odds of a corrective move to 180.00 are high. A violation there could yield drop to 170.00.
On the higher side, a day end closing above 192.00 would open doors for 200+ levels.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.