FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters
CAPE TOWN - Mining giant Glencore has broken out of a 10-month sideways price range and has a significantly higher target in place, for buying.

After a long sideways consolidation, Glencore recently broke out above its top red line of resistance, which is positive news for the group, with a higher target now in place.

That target is R67.50 as a minimum. Glencore can be bought at current levels, and/or bought on a minor - for example, on a one-to-two-day pull back.

Protect your trade by exiting if it closes below R54.50. 

Once it gets to R66 use a break-down of its previous days' low price to protect profits.

Trend: Up since June.

Colin Abrams is an independent technical analyst. To subscribe to more recommendations by the author, or attend his courses, please go to www.themarket.co.za