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Neighbour: Why I’m buying stocks in Antofagasta
Investors appear to be bargain hunting and that could chase the price of stock in mining company Antofagsta higher, says Joe Neighbour.
He has noted a rise in stocks, which investors have been shunning for the past 12-24 months, saying it looks like a large sector rotation. Neighbour is focusing on mining stocks and has spotted a large and impressive base pattern in the copper charts, which matches with the pattern seen across almost all UK mining stocks, he says.
While the fundamentals arguably say stay away from the mining sector, Neighbour says the charts tell a different story. He is looking to buy a pull back to 475p or a break above 520p. His stop on the trade is 440p and his target is a move towards 800p.
01:25 minutes
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