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
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.