I have stayed out of stocks for a few weeks, but now I am ready to start fading this recently rally in anticipation of a fresh wave of selling. Looking at the index charts (will post shortly) there is scope for a bit more upside in the very short term, but it is looking increasing limited.
I have posted 2 entries on ANTO - Hopefully this plays out first time and there is no need for the second entry. Use this idea as either a speculative trade or to close out any investments you hold in the company.
Antofagasta plc is a copper mining company. The Company operates four copper mines in Chile, two of which produce by-products. In addition to mining, the Company has a transport division providing rail and road cargo services in northern Chile predominantly to mining customers, which include the Company’s own operations.
Market Cap: £7.56Billion
Antofagasta has rallied impressively from the lows, but this is now looking a little tired on the weekly chart. We have seen the shares hit the 50% and post what is looking like a candle. There is potential for this to overshoot on the upside towards the 61.8% and an unfilled gap at 839p, this is where I have set my second entry if the first attempt does not play out.
Entry 1: (at markets – 762p)
Entry 2: 830p
Stop: 805p & 894p
Target 1: 700p
Target 2: 650p
Target 3: 580p
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