Glencore shares under pressure
Nicolas Suiffet June 22, 2020 10:07 AM
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
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.