Is the Nasdaq preparing to correct?
The Nasdaq 100 index seems to be taking a breather around the 7,000 level, and is testing the 200-day simple moving average. Is the post-January 4 rally showing signs of old age?
Head of Equity Strategy, Saxo Bank Group
Glencore shares are down 3% following declines of almost 6% as the UK Serious Fraud Office is investigating potential bribery in Congo dealings. The investigation is a short-term negative factor for the stock but it does not change the overall strategic position of Glencore, which is well suited to take advantage of the expanding EV market as Glencore has exposure to cobalt, copper and nickel.
Before today’s event the stock had a negative rating in our equity model driven by weak technical factors relative to the metals & mining industry.