Glencore New down leg in sight
Glencore, a commodity trading and mining company, may sell its entire 73.1% stake in Zambia's Mopani Copper Mines
Share this:
Glencore, a commodity trading and mining company, may sell its entire 73.1% stake in Zambia's Mopani Copper Mines, which has an estimated recoverable value of 704 million dollars, reported Reuters citing people familiar with the matter.
From a technical point of view, the stock price should remain under pressure as long as the key resistance at 187.8 (overlap + Bollinger band) is not penetrated. Prices escaped from an upward-sloping channel and have broken below a short term rising trend line in place since March low. The daily Relative Strength Index (RSI, 14) is mixed with a bearish bias. In addition, the 20/50DMAs validated a bearish cross. Readers may want to consider opening short positions below resistance level at 187.8p with 153p and 130p as targets. Alternatively, a push above 187.8p would invalidate the bearish view and would call for a rise towards 216p.
Source: GAIN Capital, TradingView
Glencore, a commodity trading and mining company, may sell its entire 73.1% stake in Zambia's Mopani Copper Mines, which has an estimated recoverable value of 704 million dollars, reported Reuters citing people familiar with the matter.
From a technical point of view, the stock price should remain under pressure as long as the key resistance at 187.8 (overlap + Bollinger band) is not penetrated. Prices escaped from an upward-sloping channel and have broken below a short term rising trend line in place since March low. The daily Relative Strength Index (RSI, 14) is mixed with a bearish bias. In addition, the 20/50DMAs validated a bearish cross. Readers may want to consider opening short positions below resistance level at 187.8p with 153p and 130p as targets. Alternatively, a push above 187.8p would invalidate the bearish view and would call for a rise towards 216p.
Source: GAIN Capital, TradingView
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
S&P 500, Nasdaq, Dow Forecast: Rising Yields Test Rally Ahead of Nvidia, Fed 8 22 2026
S&P 500, Nasdaq and Dow test key technical levels as momentum fades, raising the risk of a deeper correction heading into a pivotal week.
Magnificent Seven Earnings Preview: Can Big Tech Reclaim AI Leadership?
The Magnificent Seven enter earnings with far more divided performance than in previous years, as investors increasingly distinguish between companies supplying the AI buildout and those funding it - what does that mean heading into earnings season?
EUR/USD, FTSE 100 Forecast: Two trades to watch 1507
EUR/USD rises after weaker US CPI, PPI up next. FTSE 100 falls as weak China GDP data hits miners.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.