Glencore – 186.15 is a strong support
Glencore’s brief dip below hourly rising trend line followed by a quick recovery above 186.15 (38.2% of 379.40-66.70) has kept the doors open for a re-test of 190 levels.
The hourly indicators- MACD and RSI have turned sideways, leaving little room for a guess work. However, on the daily time frame RSI is losing height from the overbought territory, while MACD has turned bearish.
Thus, the odds of a corrective move to 180.00 are high. A violation there could yield drop to 170.00.
On the higher side, a day end closing above 192.00 would open doors for 200+ levels.
The hourly indicators- MACD and RSI have turned sideways, leaving little room for a guess work. However, on the daily time frame RSI is losing height from the overbought territory, while MACD has turned bearish.
Thus, the odds of a corrective move to 180.00 are high. A violation there could yield drop to 170.00.
On the higher side, a day end closing above 192.00 would open doors for 200+ levels.
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