Glencore

Glencore moves lower by 9% to 314p, its lowest point since November last year.  The largest commodity trader in the world has been issued with a subpoena by the U.S. Department of Justice in relation to alleged money laundering with activities surrounding its business in Nigeria.

Shock news like this is clearly negative for the company, but the move lower was no doubt exacerbated by the timing of the Newswire release, which was just after the UK equities opened.

In addition, from a technical trading perspective, the share pricing is currently below its 100 and 200 daily moving average. A close below here, in my view, would be additionally negative for the trajectory of the shares going forward.

Chief Trader,
Jordan Hiscott


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