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Mining share Glencore trade view: Neighbour

Joe Neighbour
Joe Neighbour from Central Markets explains his trade on Glencore, the mining share. 

Miners took a beating yesterday after Anglo and BHP downgraded their growth forecasts. Buyers stepped back in mid-afternoon and the mining shares bounced. Glencore held key support and closed above this level with a hammer candle. Uptrend looks solid and Neighbour is looking to place a stop underneath the low seen yesterday. 

Neighbour plans to buy Glencore at market with a stop at 167p. The target is 225p. 
margaux margaux
Hi Joe, I am long Glencore at 197p . It has been trading on an up trend recently, past your TP of 225, now at 240. Any take on a further upside from these levels?
Joe Neighbour Joe Neighbour
Hi Margaux,
The trend is still obviously in great shape. I would be thinking about taking some profits here as there is some evidence of bearish divergence on the RSI. The massive rally in the stock has now recovered 61.8% from the all time high to low and its into some previous resistance levels.
Well done on the win - Best of luck!
margaux margaux
Thanks, Joe for your response. Appreciate it! Will look to book some profits!


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