Short on Anglo American

AMS has reached a resistance level just above the 83000 level. It reached this high on the 22nd of March bu then retraced all the way down to the 72000 level.

Before this, the last time it reached these levels was in April 2010.

My thoughts are that it is going to retrace downwards again and I am looking for a move back down to the 72000 level. If it does break through the previous high, we can see a move towards the 90000 area.

But my bet is on a short.

Trade active:

Short looking good and will hopefully hit our target soon

Trade closed: target reached:

Fantastic trade!