Glencore: breakout sparks a new buy signal
Glencore stock jumps 8.7%, breaks the 601 area: new buy signal fires
Our view last week
Glencore stock's four-week rebound stalls: the shares slip 1.5% this week as sellers retake control, with 86% of weekly volume on the sell side. Price stays boxed into a tight band between the 545 and 549 areas, while the ADX falls for a fourth straight week — the trend, bearish here, keeps losing conviction. The Sell signal has been under management for seven weeks, and the short sits at a 6.6% loss.
This week's summary
Last week Glencore was still boxed between 545 and 549, with the Sell signal under management for 7 weeks; this week the breakout changes everything. The stock jumps 8.7%, clears the 601 area, and triggers a new Buy signal: first place among the 3 fresh Longs in European-UK stocks. Glencore stock trades over 22% above its 50-week average, with RSI at 67, but volume has contracted: the breakout still needs confirming.
IQS Phase
60
ordinary
Signal Strength
63
medium
Sizing
STANDARD
Ranking
#1 / 3
New eu-uk stocks
Trade P&L %
+0.00%
from signal to date, no stop loss
Rank position
ranks 1st among the 3 fresh Longs for European-UK stocks in our ranking, with a signal strength of 63 out of 100.
Sector context
SectorEuropean
Benchmark ETFEXV6
Sector regimein positive regime
Performanceweekly +5.48% · monthly +10.32%
GLEN belongs to the european sector (reference ETF EXV6). The sector is classified in positive regime according to our weekly reading.
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