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Zak Mir’s blue-chip charts: Glencore, Diageo, SSE, Greene King

Here we look back on some the week's top charts from technical analyst Zak Mir - Glencore Plc, Diageo Plc, SSE Plc, Greene King Plc.

What tops the charts this week?

Glencore is going up, buy on dips

Glencore PLC (LON:GLEN) has been a major recovery story this year but the trend points higher still says Zak Mir, technical analyst at Tip TV.

Once the share price of the mining titan broker through the 200-day moving average in March, it was a trend changing event he says.  Since then the movement has been only up and a continuation of the recent trend indicates a share price of 320p at its top.

Any dips back towards 248p should be seen as buying opportunities.


Diageo shares can rally

The technical analyst says the support for the shares comes in the ‘£20 zone’. “So basically, as this chart stands, you would probably be a buyer on a technical basis towards the £19.80 level.

“I’d like to see a break back above the 200-day average, so £20.15 is my buy signal and then I’d be looking for a rally over the next month or so back towards the 50-day average of £21.24.”

Mir adds however that having a stop loss, he says below about £19.50, would be critical.


SSE has support and can power higher

Share price dip following an underwhelming half-year report at the start of the month, but could it be ready to kick on from here?

Zak Mir certainly thinks so, and is tipping the stock to add the best part of £2 to its price over the next couple of months.

“You can see that the shares have been sideways in a range between 1350p and 1650p. At the moment we’ve bounced a support line from February at 1450p,” he explains in the latest segment of the TIP TV Proactive Investors Bulletin Board series.

“One would be looking for recovery towards that 1650p range.”


Time to go long Greene King

Greene King PLC’s (LON:GNK) share price could be set to stop its recent, with Zak Mir expecting the stock to bottom out soon and then take a turn for the better. “As far as the technicals are concerned, cautiously buying towards the 700p level,” Mir explains.

He does add that it might be worth waiting until after the brewery’s interim results which are due out this Wednesday (30 November).

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