Glen­core breaks line of re­sis­tance

The Star Early Edition - - COMPANIES - Colin Abrams

MIN­ING gi­ant Glen­core has bro­ken out of a 10-month side­ways price range and has a sig­nif­i­cantly higher tar­get in place, for buying.

Af­ter a long side­ways con­sol­i­da­tion, Glen­core re­cently broke out above its top red line of re­sis­tance, which is pos­i­tive news for the group, with a higher tar­get now in place.

That tar­get is R67.50 as a min­i­mum. Glen­core can be bought at cur­rent lev­els, and/or bought on a mi­nor – for ex­am­ple, on a oneto-two-day pull back.

Pro­tect your trade by ex­it­ing if it closes be­low R54.50. Once it gets to R66 use a break-down of its pre­vi­ous days’ low price to pro­tect prof­its.

Rec­om­men­da­tion: Buy/buy pull back.

Trend: Up since June. Colin Abrams is an in­de­pen­dent tech­ni­cal an­a­lyst. To sub­scribe to more rec­om­men­da­tions by the au­thor, or at­tend his cour­ses, please go to www. the­mar­

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