Morgan Stanley sets 360p target on higher coal demand

Glencore’s share price is higher on Friday after Morgan Stanley said investors in the mining company may be looking for “outsized returns” amid record coal prices.

According to the bank, supply constraints could persist until the first half of 2022, preceded by robust demand during the winter months. Morgan Stanley has set a price target of 360p on the Glencore share price, which leaves room for improvement from the current price of 333p.

The Glencore share price is up 0.1% at the time of writing this Friday.

Glencore Share Price Outlook

The daily chart reveals a large ascending triangle, with the price already crossing the upper edge of the triangle. However, the resistance barrier at 342.10 continued to slow the advance of the action. This level must be uncapped for the measured triangle movement to follow its course towards 405.20 (February 26, 2018 and June 11, 2018 high), exiting 357.35 (April 8, 2019 high) and 385.60 (highest of April 23, 2018 and June 25, 2018) along the way.

On the other hand, if 342.10 holds up and eventually leads to a break of the upper limit of the triangle at 334.75, 319.70 will become visible. Below that level, 302.40 and 291.20 are additional targets that come into play if the drop is large. This scenario invalidates the breakout movement of the triangle.

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