Timonrosso

Glencore is could break down for the 1st time in years to R81.70

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JSE:GLN   GLENCORE PLC
M Formation has formed on Glencore.
This was prior to an ongoing uptrend, until last year.
Last year it moved into a range bounded state which has formed this M Formation near the end of 2022.
Now we can expect a break down any day now below the neckline.
There are other bear signs, and the biggest is RSI.
21>7 - Bearish
Price>200 - TEST
RSI has been forming lower highs since before the M formation.
This is an extremely Bearish divergence where we can expect the price to follow.
RSI<50
Target R81.70

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Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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