Glencore showing strong W and ready to break up and out to R136Glencore showing a potential W Formation.
We need the price to break above the neckline before we get further traction up.
Other indicators show strong upside to come including...
7>21 - Bullish
price >200 - Bullish
RSI>50 HIgher lows.
Target 1 for the resource company is at R136.20
ABOUT THE COMPANY
Founding: Glencore was founded in 1974 by Marc Rich, a controversial financier and commodities trader.
Name Origin: The name Glencore was derived from the words "Global Energy Commodities Resources". It was chosen when the company was taken public in 1994 after Marc Rich sold his stake.
Commodities Trading: Glencore is one of the world's largest globally diversified natural resource companies. It's a major player in the production and marketing of over 60 commodities.
Glencore operates in over 35 countries and employs approximately 145,000 people.
Initial Public Offering (IPO): Glencore went public in 2011 on both the London and Hong Kong Stock Exchanges. IN 2013, it listed on the Johannesburg Stock Exchange (JSE) under the ticker "GLN".
Xstrata Merger: In 2013, Glencore completed a merger with Xstrata, a major global mining company, in a deal worth approximately $30 billion.
