Glencore Showing Some Strength

Much has been written on the negative side about Glencore. But the stock chart tells a different story. Something has changed.

Yes, the web has negative stories of Glencore derivative, CDS and copper bear market issues, true, but why are money managers buying it? Is it the distressed asset play? Is it pure short covering? Who knows! This stock is one to watch. A break out to new ground will confirm strength, any pullbacks should be considered from the long side. If it is short covering then supply will surely have another go at pushing this stock down to all time low support. 

Wyckoff terms
SC = Selling Climax
AR = Auto reaction
ST = Secondary test
SOS = Sign of Strength, ? is to be confirmed. 

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