GLEN.L finds support at 20-day moving average


Glencore (GLEN.L) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
GLEN.L dominated by bears dragging the market lower throughout the day
GLEN.L finds buyers at key support level
GLEN.L finds support at 20-day moving average
GLEN.L ends the day on a bearish note closing near the low of the day
GLEN.L breaks below previous session low
TQ Sentiment
Report Sentiment: 42% Bearish
Technical Forecast:
Overview

GLEN.L ended the week 0.96% higher at 321.15 after losing £9.05 (-2.74%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 326.35, the market confirms its breakout through the previous session's low having traded £6.30 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for GLEN.L
Volatility

Friday's trading range was £6.95 (2.13%), that's below last trading month's daily average range of £9.54. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Support/Resistance

After trading as low as 320.05 during the day, the stock bounced off the key support level at 320.85. The failure to close below the support could increase that levels importance as support going forward. After trading as low as 320.05 during the day, Glencore found support at the 20-day moving average at 320.51.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the close-by swing high at 332.10 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 315.00 where further sell stops could get triggered. With prices trading close to this year's low at 303.00, downside momentum might speed up should the share break out to new lows for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.

Market Conditions for Glencore
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
52 Week Low TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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