- Glencore stock price prediction: The stock price reacted after the half-yearly reports of July 2023.
- Major support is broken with the MACD indicating sell. What’s next for GLEN?
- The EMAs can come close and do a crossover to find out the potential of the bulls and bears.
About Glencore PLC
Glencore Plc founded in 1974, is a Swiss multinational company involved in the mining and trading of commodities. With an employee size of over 135K, it is currently headquartered in Switzerland and is listed on the London stock exchange. The CEO of Glencore is Gary Nagle.
Key Highlights of the Half-Yearly Report of July 2023
- GLEN’s revenue is reported as $107 Million with a decline of 20% year-on-year (YoY).
- GLEN’s ‘Adjusted’ EBITDA is reported as $9 Million with a decline of 50% YoY.
- The net profit (attributable to equity holders) is reported as $4M which is a decline of 62% as YoY.
The Metrics have been calculated by financial statements, provided by Glencore Plc
GLEN Stock Previous Price Action and Forecasting
GLEN‘s Previous Price Action
The price of GLEN stock started rising after a fall in July 2022, when the stock price reached a bottom of $395. After that, the bulls finally took over and the price went up to a level of $584 in January 2023, rising up to 46%.
The bears started rejecting the price from there, bringing the stock price to the current level of $456.
GLEN‘s Current Price Action
Currently, the stock is seen trading between some supports and resistances, while the indicators are also giving some insights for the near future.
Supports: Immediate support 1 is being made on the level of $430 with some good volumes to cushion. Support 2 is being made at the level where the price started rising in July last year and was tested in March 2023 and May 2023 at $410.
Resistances: The immediate resistance is at $502 which is the broken support in March 2023. The second resistance is at the price value of $522.
Indicators
MACD: The MACD is showing bearish momentum as a whole while the signal line has already crossed the MACD line on August 1, 2023, which has also resulted in a gap-down opening.
RSI: The RSI has crossed the mid markings of 50 at the start of August and is currently weak at the level of 37 which, in the past, the price hiked up whenever the GLEN stock has gone close to the RSI of 40.
EMAs: The 50 EMA crossed the 200 EMA back in March 2023 and came up indicating a bearish trend, although it is seen that the gap between the two is closing down which can result in a trend reversal. The 50 EMA is at the level of $456, while the 200 EMA is above $469.
What is the Prediction for GLEN?
The prediction will go with the likes of the price action. As it takes the 1 support and bounces off, it will result in a trend reversal as the EMAs will cross over, further resulting in the cross over of MACD. The price can be expected towards the range of the immediate resistance.
Conclusion
Glencore Plc was founded in 1974 and is involved in the business of commodity trading and mining. The company is listed on the London stock exchange. The half-yearly reports have shown a decline in the growth of revenue and the EBITDA has been adjusted to be profitable. The price has broken major support with some downtrend in the current situation.
Technicals
Support: $430, $410
Resistance: $502, $522
RSI: 38
50 EMA: $456
200 EMA: $469
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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