Glenxtrata

dl.dropboxusercontent.com/u/7238706/GLENCORE%20XSTRA.png

The look back view



dl.dropboxusercontent.com/u/7238706/GLENCOREcloser.png

.... and the closer in look.

A long on the break of 310 looks good; stops below 296; 1st target 347.

Possible 123 low breakout forming....
Long above 310 and stops below the 2 point.

I noticed there were a couple of fairly chunky buys when it first hit 310 - others are obviously thinking like you Remo!!

That level has held for the time being. 311 would be a good place to have the order to open at.
hence why i said above 310. some people use 3 pips above a resistance and some use 5 pips Depending on price really.
Im using 1 pip as that level has held this back a few times so even a penny i suspect may be enough to get this moving.


dl.dropboxusercontent.com/u/4899609/glen20thdec.png

annes goal wrote: I noticed there were a couple of fairly chunky buys when it first hit 310 - others are obviously thinking like you Remo!!

Nice breakout.

Another great call remo, thanks.

320/1p could be a tricky area but the recent higher low is suggestive of a wave 2 (it fell between the 50 and 61 Fibs):



dl.dropboxusercontent.com/u/20815047/GLENdaily29_12_13.png

Main downtrend resistance is in the low 330s over the next few sessions but a break of these two key levels (321 and 330/5) ought to provide the momentum to deliver that wave 3.