Medium term view - GLENCORE PLC : Weak reaction on resistance.
The trend is still bullish, though slower. The invalidation level is below 320.99 p.The target is at 462.57 p.Arguments :
- Prices have pulled back to the major support level (previously a resistance). The rise is now resuming.
- The reaction at the resistance is weak, we anticipate its break soon.
Glencore is engaged as a natural resource companies. Co. is organized and operates on a worldwide basis in three main business segments: Metals and minerals, which comprised of zinc, copper, lead, alumina, aluminium, ferroalloys, nickel, cobalt and iron ore; Energy products, which comprised of crude oil, oil products, steam coal and metallurgical coal; and Agricultural products, which comprised of wheat, corn, canola, barley, rice, oil seeds, meals, edible oils, biofuels, cotton and sugar supported by investments in storage, handling, processing and port facilities.
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