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.
Hi Everyone, we discussed this stock in our us energy stock screencast and identified that this was a short setup to keep an eye on.
There aren't any tradable opportunities immediately but we will be watching for a bounce off either the top or break through the bottom. After that we will be looking at lower timeframes for a retest and rejection.
