Is Antofagasta going for its new high?
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 a signal line.
Copper price finally bounced from its bottom last December and has been trading around 2.6 usd/lb, which is already a reasonable price for mining companies to record profits on sales.
I would consider this set-up as a good buying opportunity with stop-loss at 825 - in case it's still forming its base reversing back to 750 level at its big support level.
Money flow measuring volume has entered buying territory and MACD entered positive half where MA line is nicely diverging from a signal line.
Copper price finally bounced from its bottom last December and has been trading around 2.6 usd/lb, which is already a reasonable price for mining companies to record profits on sales.
I would consider this set-up as a good buying opportunity with stop-loss at 825 - in case it's still forming its base reversing back to 750 level at its big support level.
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