Glencore: Breakout and retest points higher

We received a request to look at the chart for Glencore plc.

GLNCY shows a bullish breakout and retest from a February-September base. The immediate pattern stays positive above the 8.87-8.66 breakout and retest zone with upside potential to the 10.50s-10.70s, which is a confluence of projected resistance defined by the 100% extension (measured move), declining 200-week moving average, top of a rising channel, and a downtrend line from early 2023. Additional upside into the 12.00 (pattern count) to 12.50 (161.8% extension) area is not ruled out. Rising 13-, 26-, and 40-week moving averages (8.98-8.06) reinforce the recent bullish turn for this stock.

Chart 1: Glencore plc (GLNCY): Weekly chart

GLNCY also shows a bullish shift relative to the S&P 500. This shift to leadership corroborates the bullish turn on the absolute price chart as highlighted above.

Chart 2: Glencore plc (GLNCY) relative to the S&P 500: Weekly chart