 Hello and welcome to the CMC Markets chart of the week video with myself, David Madden, market analyst here at CMC Markets and today's date is Wednesday, the 21st of February and the time has just gone 11.25am UK time. And this week chart of the week is Glencore Extrata, the mining company. We started off by looking at the stock on a weekly chart to get a big view of what's been going on with the share price action over the past few years. So this major decline in share price that we saw here in 2015 which ran into early 2016, this was the height of the commodity route when the traders were concerned about the mineral demand from China. So I'll sell off in commodities and in turn some of the commodity companies such as Glencore Extrata took a severe hit. Since then, Glencore have actually gone down the route of selling off non-core assets, raising capital and actually paying down debt. That combined with the rebound in commodity prices has also assisted Glencore's profitability in the last couple of years. Speaking of profitability, Glencore today posted their quote best figures yet in terms of their corporate earnings. Profits were higher, return to shareholders were higher and net debt was trimmed. So everything from a fundamental point of view is continued to turn around for Glencore. Take a look at the share price action over the last couple of years since the end of the route in early 2016. We can see it's been in a classic example of an upward trend, so a classic example of higher highs and higher lows. In fact, the high that was reached here, £4.16, there they're about in January of this year, was the highest level seen since 2013. So it was a five-year high which was recently created on the share price of Glencore. So it gives an indication of how much the stock has come on in the last few years. Taking a look now here on a daily chart, you can get a better view of what's been going on over the last few months. So this price here that was reached in the end of last month was the highest seen in five years. But Glencore, like other stocks, were caught up in the global equity market sell-off in recent weeks. So after creating a five-year high, the share price was dragged lower with a sell-off in global stock markets. As the price was pushing lower, we saw a steady increase on the MACD indicator, the MACD histogram here, in negative momentum. So as the price was moving lower, that was confirmed by a steady increase in negative momentum. But we have seen the share price bounce back. And with that bounce back, we've seen a steady decline in negative momentum. So once again, the momentum is confirming the price movement. The price is pushing higher and selling momentum is in decline. So we pushed higher here. We've managed to push north of the one-day moving average and the fifth-day moving average. In effect, now we're actually clearly above the fifth-day moving average. And if we continue to hold above the 50-day moving average at 386, it's likely this upward move could continue. And should you push higher from here, we could be looking at testing the recent highs of 416 or going beyond that to £4.39. If the market does in fact actually manage to turn lower on itself, the first area of support may come into play in around the fifth-day moving average at £3.86. Notice how the fifth-day moving average did manage to act as support in the last couple of sessions and also recently here at the beginning of the month. And also once again, it acted as both support and resistance in December. So if a certain metric or indicator has a previous of acting as a support or resistance, it's more likely to do again so in the future. And speaking of that, similar with the one-day moving average. If you do manage to break south on the fifth-day moving average at 386, we could be looking heading back down towards the one-day moving average at 374. Once again, notice how it did manage to act as support on a couple of occasions in February. Granted, the market did manage to trade below the fifth-day moving average but always on this occasion and managed to bounce back above it. This is actually a good example of actually if you're looking at placing stops or limits, it's always an idea to give yourself a little leeway or wiggle room because the markets will necessarily always stop precisely on a certain metric. They could trade slightly behind it or slightly short of it. If you do manage to go south of the one-day moving average, the next level to keep an eye out for, the kind of a key level to watch out for could be the February low of £3.85. If the February low was taken out, that could be a sign that we're looking to push lower further again. And to go south of £3.85, we could be looking heading back down towards the turn-day moving average at 347. Once again, notice how the market traded slightly below the turn-day moving average back in December and managed to push higher of it again. That's all for me this week. Thank you very much.