Connect with us

Hi, what are you looking for?


Is Glencore a good stock to buy ahead of earnings?

The Glencore (LON: GLEN) share price held steady on Wednesday as investors wait for the company’s earnings. It rose to a high of 509p, which was the highest level since September 15th. This means that it has jumped by almost 40% this year, making it one of the best performers in the FTSE 100 index.

Glencore earnings ahead

Glencore is one of the biggest mining companies in the world. It has operations in tens of countries like South Africa, Chile, Colombia, DRC Congo, and Australia among others. It specializes in key metals like copper, nickel, cobalt, and iron ore among others.

In addition to mining, Glencore is a leading player in the energy and trading industry. It makes most of its money mining and selling coal. Also, it is a leading energy trader that sells millions of barrels of oil every day.

Glencore share price has done well in the past few months as investors react to the company’s strong revenue growth. This happened as the prices of key commodities, especially coal, rose sharply following Russia’s invasion of Ukraine. 

Glecore’s business has been doing well. It made a total revenue of over $115.7 billion in the first half of the year. Its metals and minerals revenue was over $44 billion while its energy business brought in $71 billion. It had a total adjusted EBITDA of over $3.8 billion.

Glencore share price has risen even as concerns about the Chinese economy continue. Most economists expect that the country’s economy will slow down dramatically this year due to its Covid strategy and the deleveraging in the real estate sector. As a result, the prices of most commodities have pulled back sharply.

Glencore will publish its third-quarter production data on Friday. Analysts expect that its energy business did well in the quarter while its metals business struggled.

Glencore share price forecast

The daily chart shows that the GLEN share price has been in a strong bullish trend in the past few months. It has managed to move above all moving averages and formed an ascending triangle pattern that is shown in black. In price action analysis, this pattern is usually a bullish sign. 

The stock has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved slightly above the neutral point. Therefore, the stock will likely have a bullish breakout as buyers target the key resistance at 525p.

The post Is Glencore a good stock to buy ahead of earnings? appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Solana (SOL/USD) is enormously underrated as a cryptocurrency project, even with its hiccups – including the latest exploit on one of the ecosystem apps....

    Editor's Pick

    The new eSIM infrastructure will help modernise the IoT connectivity market with fast, secure connections and reduced vendor lock-in. 1oT, a tech startup from...


    The latest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics shows the total number of job openings in the economy...


    U.S. District Court Judge Reed O’Connor recently ruled to uphold the rights of employers granted in the Religious Freedom Restoration Act, rather than uphold...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023