Will Antofagasta break support, or will it rise back to the 985p range ceiling?

• 918-985p shallow rising range since early March.
• Now trades 926p (at time of writing)
• Will the pattern repeat itself, rising back to the 985p range ceiling?
• Shares -5.9% from 2019 highs; +27.4% from 2019 lows; +18.4% year to date
• Miners dropped back on China trade deal confusion
• Source: Bloomberg, FT, Reuters, DJ Newswires, AlphaTerminal

Click to enlarge

Trading Antofagasta – An Example

Let’s say you like the range, you think it’s heading back towards 985p. You decide to buy exposure to £10,000 worth of Antofagasta using a CFD, at the current price of 926p. To do this, you need £2,000.

Let’s assume Antofagasta rises to the 985p range ceiling (+6.4%). Your profit would be £640, 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.