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
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