A trading opportunity for you?
Will Antofagasta break support, or will it rise again back to 873p?
- Antofagasta has rising supportsince late October.
- 3 bounces, most recently yesterday off 755p.
- Now trading 780p (at time of writing).
- Will the pattern repeat itself? Will the shares bounce off support again?
- Shares -35.1% from 2018 highs; +6.5% from 2018 lows; -22.6% year-to-date.
- 3 Dec: Miners, like Antofagasta, rise after US-China trade tensions ease which caused a spike in metal prices.
- Source: Bloomberg, FT, Reuters, DJ Newswires, AlphaTerminal
Trading Antofagasta – An Example
Let’s say you like the Antofagasta chart and you think the price is heading back towards 873p again. You decide to buy exposure to £10,000 worth of Antofagasta using a CFD, at the current price of 780p. To do this, you need £2,000.
Let’s assume Antofagasta rises back to 873p (+11.9%). Your profit would be £1190, from your initial investment of £2,000.
Conversely, let’s assume you open the above position, and place a stop-loss at 3% from the current price. Antofagasta falls 3% and hits your stop-loss. Your loss would be £300.
This is provided for information purposes only. It should not be taken as a recommendation.