Glencore still bullish after earnings 060820
The stock keeps trading in a bullish channel.
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Glencore, the mining company, posted first half loss of 2.6 billion dollars vs a 226 million dollars profit a year earlier, hurt by 3.2 billion dollars impairments related to lower commodity prices. Adjusted Ebitda fell to 4.83 billion dollars from 5.58 billion dollars a year ago, but beat forecasts. The company decided to scrap dividend for 2020.
From a chartist point of view, the stock keeps trading into a bullish channel drawn since Mid-March and remains supported by its 50-day MA while the daily RSI is still in buying territory. As long as 173 is not broken, the bias remains bullish with 212 (December 2019 overlap) and then 224 (February 21st gap) as targets.
Source : TradingVIEW, Gain Capital
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