I covered this yesterday in the Monday Market Update ( which you can watch here ). Fascinating chart to look at and I think if it breaks above 1500 we are bullish back towards recent highs.
LSE:ANTO
03 February 21
Antofagasta PLC UK
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Current Weekly Demand Level is
Holding & price could Potentially
continue to move higher form here.
However If ?
a weekly Close Below 1389
Price Could Potentially fall to the,
Next Level of Weekly Demand,
around 1165 to 1090.
With Strong level of Demand,
around 1073 to 978.
Anto looks good for a short.
Resistance level has been tested a few times in the past 5 months. It almost broke through last week but yesterdays pin bar bouncing off the resistance level and today's indecisiveness leads to me to think this will drop circa 60 points.
This copper mining company has been in a bullish long-term uptrend since last year until it topped in February 2017 and started to go rather downwards. This medium-term downtrend was broken now keeping a track of short-term uptrend again.
Money flow measuring volume has entered buying territory and MACD entered positive half where MA line is nicely diverging from...
Higher metals prices and lower cash costs helped push full year earnings before interest, tax, depreciation and amortisation at Antofagasta up 78.7% to $1.6bn.
It remains to be seen if the numbers are good enough to push the share price above 810 levels. That would mark a bullish break from the falling channel formation.
Retreat from the previous day’s high of 503.00 t o today’s low of 492.00 suggests the rebound from the low of 473 (Sep 12 low) has run out of steam and the prices could test head and shoulder neckline level of 474.
Moreover, we have had an inverse head and shoulder breakout failure…and that adds credence to the bearish view.
