Glencore Share Price Forecast: A Move Toward $405 Cannot Be Ruled Out

Summary:

The Glencore share price forecast shows that a clean break of the ascending triangle could allow the company stock hit $405./

The 2.29% rise in the Glencore share price has pushed the Glencore stock to the 4th position on the gainers’ chart of the FTSE100 index.

This move comes as sources familiar with the situation indicate that Chinese commodities merchant IXM is in the final stages of an acquisition move for Glencore’s logistics and warehousing company Access World.

Glencore is yet to confirm or deny IXM’s interest. However, Glencore has made several strategic moves in the last week. The company has agreed to purchase Sumitomo’s Rolleston coal mine stake, and has also signed a strategic partnership agreement to supply cobalt to Britishvolt, and has also invested in the firm.

Glencore Share Price Forecast

If the picture on the daily chart is used for the Glencore share price forecast, an uptrend continuation from the ascending triangle would be the preferred outlook. The ascending triangle is a bullish continuation pattern that leads to an eventual breakout. This would target a measured move at 405.20 but would need to breach the resistance barriers at 342.10 (18 April 2019 and 12 August 2021 highs), 357.35 and 385.60 (26 April 2018 high).

On the flip side, this outlook is negated if price action breaches the 302.40 support to the downside, effectively breaking down the triangle. This move could then target 291.20, with 279.50 acting as another support target in the picture.