Will Antofagasta turn, or will it continue up towards 1020p (+10%)?

• Shares +20% from recent lows; Breakout above 912p
• Now trading 925p (at time of writing).
• The ‘trend is your friend’. Will it continue towards 1022p (+10%)?
• Shares -9.9% from 2019 highs; +27.1% from 2019 lows; +18.1% year-to-date.
• 28 Jun: Base-metal Miners benefiting from hopes about G20 meeting
• Source: Bloomberg, FT, Reuters, DJ Newswires, AlphaTerminal

Click to enlarge

Trading Antofagasta – An Example

Let’s say the breakout appeals to you, you think it’s likely to continue to 1022p . You decide to buy exposure to £10,000 worth of Antofagasta using a CFD, at the current price of 925p (at time of writing). To do this, you need £2,000.

Let’s assume the Antofagasta trend continues up towards 1022p (+10%). Your profit would be £1000, 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 breaks lower, falling 3% and it hits your stop-loss. Your loss would be £300.

This is provided for information purposes only. It should not be taken as a recommendation.