ANTO.L finds buyers around 937.60 for the third day in a row
Antofagasta plc (ANTO.L) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
ANTO.L finished the week 0.06% higher at 944.60 after edging lower £2.80 (-0.3%) today on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ANTO.L as at Jul 13, 2018):
Friday's trading range was £20.80 (2.18%), that's below last trading month's daily average range of £27.12. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 932.60 and 958.40 which it has been in now for the last three days.
Prices are trading close to a key support level at 936.60. The market found buyers again today around 937.60 for the third trading day in a row after having found demand at 933.00 in the prior session and at 932.60 two days ago.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling could speed up should prices move below the nearby swing low at 932.60 where further sell stops might get triggered.