Trade Glencore with Unum Capital.
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What is the overall picture here? Well, based on our current analysis, the 7-day trend for GLN is strong, indicating a bullish momentum in the short term. However, the 14-day trend shows a rangebound pattern, suggesting some indecision in the medium term.
What about the long-term outlook? The long-term trend is also rangebound, but within a weaker regime. This suggests that while there might be some recovery potential, we need to be cautious.
How should we interpret the short-term bullish momentum? It looks like Glencore might be attempting a bullish reversal after a period of consolidation. This could be an opportunity for a potential upside.
What about the rangebound patterns in the medium and long term? These suggest that the market is still trying to find its direction. We might see further consolidation or even a potential downward correction before a sustained uptrend can be established.
What's the best course of action? Given the current mixed signals, a cautious approach is recommended. We can look for strong bids and a break above the current range high as a potential trigger for a recovery buy or long position. However, we need to monitor the market closely for any signs of weakness.
Anything else we should keep in mind? Yes, it's important to remember that these are just short-term and medium-term readings. The long-term trend is still relatively weak, so any bullish move could be short-lived.
Previous Post: Glencore Plc: Zooming Out (02 January 2025)
Short Term: Approaching oversold and rebounding
Long Term: Weak and in a downward trend; Looking to re-test the previous breakout level of R70 as per the monthly chart.
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