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Berger: Rally in commodities driving equities market
The equities market is benefiting from the recent rally in commodities. Serge Berger, better known as The Steady Trader, believes that mining companies like Glencore Xstrata will profit the most, as prices like that of gold rise.
Glencore Xstrata produces and markets over 90 individual commodities. Despite the lows that the company experienced in 2013 the recent boom in commodities has already aided the company’s stock in moving upwards. Currently, the stock’s price is within a confluence resistance area.
As the company prepares to report earnings, Serge is looking to buy the stock at GBP 346 believing it could reach a price point of GBP 365. His stop is placed at GBP 338.
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01:11 minutes
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