Watch The R70 Level

Trade Glencore Plc with Unum Capital

To get started, email lester@unum.co.za

The monthly chart is a useful, and often overlooked tool for investors and traders looking to manage risk. In 2023, our analysis highlighted 3 aspects which alerted traders to downside risk over the medium term: (1) The bearish MACD crossover (2) the channel resistance and (2) the breakdown in the 14-month RSI.

At the time, clients were exposed to the following view via the monthly chart at a price of R104. (Current level = R74)

Current View (Long Term): Weak and in a downward trend; Looking to re-test the previous breakout level of R70 as per the monthly chart.

Last Price: 7490c.

Lester Davids

Analyst: Unum Capital