Unconfirmed sell signal, Glencore in the balance
Glencore +1.2%: the sell signal stays unconfirmed after three weeks
Unconfirmed sell signal, Glencore in the balance
Our view last week
On Glencore's daily chart a double bottom has just formed in the 487 area, with an intermediate 24% rebound putting some air back under the price. The picture has shifted from a week ago: from 7th place, the stock slips to 29th among the 54 European sell signals, with the weekly ADX losing conviction and intraday sellers retreating (61% of volume on the buy side). Glencore stock still trades 24% above its 200-week average: a technical setup worth watching closely.
This week's summary
Glencore's sell signal didn't survive its own test: the three observation weeks closed sideways, and the market never confirmed it. This week the stock gained 1.2%, boxed between a resistance and a support sitting right next to each other. Signal strength drops to 2 out of 100 — a decline with no fresh push — and Glencore slips to 44th among the 53 European sell signals.
IQS Phase
62
ordinary
Signal Strength
2
decline losing steam
Sizing
MINIMUM
Ranking
#44 / 53
EU-UK stocks sell signals
Trade P&L %
-0.39%
from signal to today
restricted Platinum content