Economies.com provides the latest technical analysis and forecast of the European stocks, in order to keep track of the trend of the EU stocks.
Xstrata shares price provide clear negative trades recently by consolidating below the broken bullish channel’s support line, located now at 350.72, which confirms the price preparation to build strong negative trades in the near term and medium term period, expecting to target 38.2% Fibonacci correction level at 282.60, while the continuous negative pressure will allow the price to achieve more targets that start at 261.20.
The stability of the moving average 55 above the current price besides stochastic fluctuation near 20 level will increase the chances of gathering additional negative momentum that reinforces the continuation of the suggested negativity.
Expected trading range for today is between 330.20 and 282.60
Expected trend for today: Bearish