GLEN.L finds support at 20-day moving average
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.
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.
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
|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|
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