Glencore Share Price: New Demand Snaps 4-Day Losing Streak
The Glencore share price looks set to snap a 4-day losing streak as it trades 0.16% higher on the day. The stock had declined all week long as profit-taking forced the stock into a mild correction. The correction began when the Dutch civil service scheme ABP sold off its €57m stake in Glencore, citing concerns over workers’ rights and the environmental impact of the company’s operations.
Glencore recently announced it was selling its Bolivia zinc assets to Santa Cruz for a reported $110m. The stock still attracts buying interest as the global economy continues to rebound from the pandemic. Rising natural gas and coal prices are also expected to contribute positively to the company’s liquidity position.
Glencore Share Price Outlook
Friday’s rise is challenging resistance at the 375.30 price level. Rejection at this level and a pullback could bring 357.35 into the picture as an immediate downside target. 342.10 and 334.75 could also come into the mix if the bulls fail to defend 357.35.
On the other hand, the Glencore share price could see a resumption of the upside move if the bulls uncap 375.30. This move needs to take out 385.60 and 400.05 along the way for a restoration of the uptrend.