Hot Features
Premium
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
Glencore International shares (LSE:GLEN) have been plunging and they would continue to plunge. This is a strong bear market and it is expected to continue. The only sensible thing to do here is to go short, for expert traders follow the line of the least resistance, cutting small losses along the way (which they tend to forget easily). They just keep doing what they need to do and let profits come naturally.
4 EMAs are used for the analysis and they are EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown at the top left part of the chart. It can be seen that all the EMAs are sloping downwards, showing a strong downtrend. New sellers may want to sell a retest of the EMA 20 or 50, especially when a new bearish candle forms following that.
Glencore Internation would continue plunging and the price might reach the demand zones at 120.00 and 110.00 eventually. It is never recommended to go long in this market unless the price crosses the EMA 200 to the upside and closes above it.
Some people who go long in this market right now may think they are doing the correct thing. When trading, incorrect approaches might make you appear like a super trader sometimes, and you would feel you are right. This is true: you can toss a coin many times, and have heads up, in case that is what you predict. However, you cannot win always by going against the trend and you may end up losing your portfolio.
This forecast is ended by the quote below:
“Do not over trade by being tempted to take trades that cannot be considered perfect setups.” – Paul Nojin
What Super Traders Don’t Want You To Know: Super Traders
