Glencore shares under pressure

Glencore, the mining company, said it has informed by the Office of the Attorney General of Switzerland (OAG) that it has opened a criminal investigation into the company.

Glencore, the mining company, said it has informed by the Office of the Attorney General of Switzerland (OAG) that it has opened a criminal investigation into the company for failure to have the organizational measures in place to prevent alleged corruption in the Democratic Republic of Congo currently under investigation by the OAG.

From a technical perspective, the short term price rebound is likely to fade as the Relative Strength Index (RSI, 14) struck against its resistance threshold at 70% and broke down its short term rising trend line.  Prices are nearing the 20-day simple moving average which is still ascending.  A final rebound towards 180p is possible before the stock price reverses down towards 153p and 130p. Alternatively, a push above 190p would call for a further rise towards the key horizontal resistance at 216p (overlap).

Source: GAIN Capital, TradingView

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